According to a report, Binance has acquired a majority stake in the South Korean crypto exchange GOPAX.
The acquisition allows the world’s largest cryptocurrency exchange by trading volume to re-enter the South Korean market after closing its affiliate there in December 2020 due to low usage. The deal’s terms were not disclosed.
Binance’s investment in GOPAX was made possible by the Industry Recovery Initiative, which Binance leads and committed $1 billion to in November in response to the fallout from FTX’s demise.
GOPAX’s parent company, Streami Inc, is one of the largest creditors of bankrupt cryptocurrency lender Genesis, which is also a DCG subsidiary.
Following Genesis’ withdrawal suspension in November, GOPAX did the same with its yield product GoFi.
According to Bloomberg, the Binance capital injected into the firm will allow withdrawals and interest payments to resume.
Binance and GOPAX did not respond to CoinDesk‘s request for comment.
