According to Chosun Ilbo, Binance is in final negotiations with South Korean cloud service provider Megazone to reduce its stake in South Korean exchange Gopax from 72.6% to about 10%. The move is to meet the financial regulator's requirements for governance structure improvements before renewing the real-name account contract with Jeonbuk Bank in August. Binance acquired a majority stake in Gopax last year, but the capital injection was blocked because the financial authorities have not approved the change of the largest shareholder.