๐Binance, the crypto kingpin, is reportedly negotiating the sale of its majority stake in South Korean exchange Gopax. Looks like the 72.6% stake might shrink to a mere 10%. ๐ Why, you ask? Well, it seems Binance is aiming to appease local financial authorities with a governance structure makeover.
The plot thickens as this comes just before Gopax is due to renew its real-name account contract with Jeonbuk Bank. ๐ฆ Remember, Gopax took a hit after the collapse of FTX crypto exchange and halted withdrawals in its DeFi service.
๐ฅThe takeaway? Binance's decision highlights the tricky regulatory landscape and the challenges of staying afloat in the scrutinized crypto market. What's your take on this? Let's chat in the comments! #DeFi #Web3 #CryptoNews
P.S. Gopax's total debt stands at a whopping $86 million. Talk about a financial rollercoaster! ๐ข