Binance cryptocurrency exchange is reportedly in late-stage talks with South Korean cloud service provider Megazone to sell its majority stake in local exchange Gopax.

Binance is preparing to reduce its 72.6% stake in the Gopax exchange to up to 10%, South Korea's news agency The Chosun Ilbo reported July 11.

According to information received from an anonymous industry insider regarding Gopax, Binance is accelerating the sale of Gopax shares to improve its management structure as requested by local financial authorities.

The sale comes just weeks before Gopax is expected to renew its real-name account agreement with Jeonbuk Bank in August. Jeonbuk Bank and Gopax signed a two-year real-name account agreement in August 2022. The contract reportedly expires on August 11, 2024.

Binance acquired a 72.26% stake in February 2023, with big ambitions to return to the South Korean market after winding down many operations in the Asian country in 2021. However, the capital injection was blocked by South Korean financial authorities' decision to reject the change of the largest shareholder.

Cointelegraph requested a comment from Binance regarding the sale of Gopax shares but did not receive a response at the time of publication.

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