📉 Binance, the largest crypto exchange, is preparing to sell the majority of shares in the South Korean exchange Gopax. According to a report by The Chosun Ilbo, Binance plans to reduce its stake from 72.6% to 10%.

This decision was made in connection with the desire to improve the management structure, as required by local financial authorities.

The Gopax share sale comes weeks ahead of an expected contract renewal with Jeonbuk Bank in August.

Binance acquired a 72.26% stake in February 2023, but South Korean authorities blocked the deal.

Binance has not yet commented on this situation.