Binance is in advanced talks to sell its majority stake in the South Korean crypto exchange Gopax to cloud provider Megazone. The deal, expected to close by July’s end, aims to reduce Binance’s stake from 72.26% to about 10%, improving corporate governance as required by financial regulators.
Previously, BF Labs had shown interest in acquiring Gopax but withdrew due to financial issues. Binance acquired Gopax last year to re-enter the Korean market after exiting in 2021.
This transaction is significant because it highlights Binance’s strategic restructuring to comply with regulatory demands. Moreover, it reflects the ongoing consolidation and regulatory adaptation within the crypto industry. The move could set a precedent for other exchanges facing regulatory pressures.
