Binance completes negotiations to sell a majority stake in South Korean exchange Gopax
Binance plans to reduce its stake in the Gopax exchange from 72.6% to approximately 10%. This decision was made against the backdrop of demands from the South Korean authorities to the Binance and Gopax exchanges to improve the exchange management structure.
South Korea's Financial Services Commission (FSC) has required Gopax to reorganize its management structure to maintain its status as a Korean won settlement operator and extend its contract with settlement bank Jeonbuk Bank. It is expected that the deal could be completed before the end of July.
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