Binance Holdings to buy out GOPAX

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Updated February 8, 2023 | Published February 8, 2023

2 mins read

The troubled South Korean crypto exchange will get sufficient aid from Binance to resume operations.

Binance Holdings is to invest in South Korean exchange GOPAX, as it adds to its asset portfolio despite an industrywide downturn.

GOPAX was among the entities impacted by the collapse of lender Genesis Global Trading, a Digital Currency Group subsidiary, which has since filed for bankruptcy.

Genesis offered yields on crypto lending to GOPAX, but this backfired when there were not enough funds to service outstanding credits.

Binance may now change this with the company’s users once again able to make withdrawals and interest payments, which should help GOPAX return to some semblance of normality, the buyer has confirmed.

Binance is also planning to introduce the Binance Academy as part of the relaunched GOPAX, which should help consumers be better prepared when they pursue investments in the sector.

The money will come from the Industry Recovery Initiative, a crypto project set up last year in a bid to mitigate the impact on companies and consumers felt across the entire industry.

In fact, Binance briefly considered buying out FTX, the now bankrupt cryptocurrency exchanged linked to Sam Bankman-Fried and Alameda Research.

However, Binance backed out of the deal and chief executive Changpeng “CZ” Zhao called Bankman-Fried a “psychopath” after an audit found serious issues with FTX’s bookkeeping.

“The Industry Recovery Initiative was created to support promising companies that were negatively impacted by the events of last year”, CZ commented on the purchase of GOPAX.

GOPAX CEO Junhaeng Lee was among the people to welcome the opportunity and see it as a way for GOPAX to restore its full operations.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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