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Binance Acquires Crypto Exchange GopaX

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Binance has acquired a majority stake in South Korean crypto exchange GOPAX.

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GOPAX had suspended customer withdrawals due to issues with lender Genesis Global Trading, a subsidiary of Digital Currency Group (DCG).

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Binance's investment will enable GOPAX customers to make withdrawals and interest payments.

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Binance plans to offer its education platform, Binance Academy, to GOPAX users.

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The investment was made through Binance's Industry Recovery Initiative (IRI) with $1 billion committed from Binance and other companies in the web3 industry.

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The CEO of Binance aims to rebuild the Korean crypto and blockchain industry.

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The deal size and stake size were not disclosed.

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GOPAX is one of five cryptocurrency exchanges in South Korea with the largest, Upbit, having 76.6% of traded value in 2021.

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Binance recently acquired Sakura Exchange BitCoin in Japan and reentered the Japanese market.

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Binance is committed to collaborating with South Korean regulators and stakeholders, but did not provide details on the regulatory process.

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