Odaily Planet Daily News Binance has acquired a majority stake in South Korean trading platform GOPAX. The funding for this acquisition comes from Binance’s previously launched US$1 billion “Industry Recovery Plan”. The specific terms of the acquisition have not been disclosed. GOPAX suspended customer withdrawals in November 2022. Its parent company Streami Inc. is one of the 10 largest creditors known to Genesis Global, and Genesis is also a partner in the income products provided by GOPAX. Genesis' parent company DCG is GOPAX's second-largest shareholder, according to a GOPAX blog post. Binance plans to make its yield product GoFi available for customer withdrawals and interest payments by funding GOPAX. CZ stated that it hopes to further rebuild South Korea’s cryptocurrency and blockchain industry together with GOPAX. According to previous news in early January, people familiar with the matter said that Binance has recently completed due diligence for the acquisition of South Korean exchange GOPAX and is undergoing final steps such as confirmation procedures. “It was originally planned to announce the acquisition around Christmas last year, but now it is in the process of discussing the equity value. Let’s have final discussions.” It is reported that Binance plans to purchase shares (41.2%) from GOPAX’s largest shareholder and CEO Junhaeng Lee, but will temporarily maintain the original management system in order to stabilize operations. In addition, there are reports that GOPAX needs to repay up to 60 billion won (approximately $47 million) to customers of its crypto financial product GOFi, including time deposit fixed products, free-form products without time deposit terms, deposit service interest, and due to suspension Delayed interest on withdrawals, etc. (Bloomberg)