Binance Plans to Acquire South Korean Crypto Exchange GOPAX

Binance, the global blockchain company behind the world's largest digital asset exchange by trading volume and users, is reportedly considering acquiring GOPAX, the fifth-largest crypto exchange in South Korea. Binance has conducted due diligence in this regard, and other procedures are being confirmed.

An official from Binance revealed: "we origianlly planned to announce the acquisition around Christmas last year, but we are in the process of final discussion on the value of the stake."

According to source, the exchange is planing to purchasing a 41.2% stake from Lee Jun-Haeng, the CEO and the largest shareholder of the South Korean crypto platform. In addition, Binance may keep its current CEO to ensure the stable operation for the time being.

Although GOPAX is in the top five cryptocurrency exchange in the region, it currently accounted for only 0.1% share in the market. The crypto market in the Asian country is mainly dominated by the other four leading exchanges including Upbit, Bithumb, Coinone and Corbitt.

However, some experts believe that the involvement of Binance may be a turnaround in GOPAX's future. 

Binance has acquired several exchanges in recent years and has obtained licenses in many countries and regions. In last November, the exchange entered the Japanese market by buying 100% of Sakura Exchange BitCoin (SEBC), the Japanese-registered crypto exchange service provider. Last month, the exchange completed the acquisition of Tokocrypt​, the first regulated crypto asset trader in Indonesia. 

Binance has secured regulatory approvals or authorizations in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania and Cyprus. 

Currently, the exchange is also planing to buy the insolvent crypto lending platform, Voyager​.