Binance has returned to the South Korean cryptocurrency market after two years with a “meaningful” investment in a local, licensed crypto exchange. Gopax fell into trouble following the collapse of crypto exchange FTX and the bankruptcy filing of crypto lender Genesis Global.Cryptocurrency exchange Binance announced Friday that it has invested in Gopax, a licensed crypto exchange in South Korea.
Gopax halted withdrawals of both principal and interest payments from its decentralized finance service “Gofi” in November last year “as a consequence of the upstream challenges experienced by Genesis Global Capital LLC,” Binance detailed. “Since then, Gopax has been working closely with local regulators and industry partners in an effort to raise funds to make affected users whole.
As part of this transaction, Binance will inject capital into Gopax with the objective of securing in full any potential Gofi users’ withdrawal requests against all staked deposits, including interest. Gofi’s products are provided by its partner, Genesis Global Capital, a subsidiary of Digital Currency Group , Gopax previously explained. Genesis
redemptions and new loan originations at its lending arm General Global Trading in November following the collapse of crypto exchange FTX.
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