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Binance Reviews Its Majority Stake in South Korean Crypto Exchange GOPAX
The world's largest crypto exchange by trading volume acquired a majority stake in GOPAX in February 2023, re-entering a market it had vacated two years previously.
Updated Mar 9, 2024, 2:16 a.m. Published Jan 31, 2024, 11:22 a.m.
Binance is in "early-stage discussions" about its stake in South Korean cryptocurrency exchange GOPAX.
The world's largest crypto exchange by trading volume acquired a majority stake in GOPAX in February 2023, re-entering a market it had vacated two years previously.
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South Korea news outlet News 1 on Tuesday said Binance will announce the reduction of its stake in GOPAX "within a month or two," citing Steve Young Kim, director of Binance's Asia-Pacific region.
"We are in early-stage discussions about our stake in GOPAX," a Binance spokesperson told CoinDesk by email. "As it's still preliminary, we can't share more details at this time."
South Korea's Financial Services Commission (FSC) proposed new rules geared toward consumer protection at the end of last year, which would provide statutory grounds for sanctions, including criminal penalties, "to punish unfair trading activities using virtual assets." They would also require exchanges to monitor abnormal transactions and alert the regulator when appropriate.
Read More: South Korean Financial Regulator Says U.S. Bitcoin ETFs May Violate Local Law
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
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