The world’s largest cryptocurrency exchange – Binance – reportedly restored operations on the South Korean market after acquiring a majority stake in the distressed local platform Gopax.
It halted operations in the Asian country in 2021, citing low interest and usage among local traders.its intentions to purchase a 41.2% stake in one of the leading crypto trading venues in South Korea – Gopax – and thus re-enter the domestic market last month. The bear market battered the activities of the latter, which halted withdrawals for certain products in November last year. Moreover, Gopax’s parent company – Streami Inc. – was among the largest creditors of the bankrupt lender Genesis.
Yibo Ling – Chief Business Officer at Binance – said the main goal of the deal is to establish a “fundamental thrust” among local users and “make sure that any customers who want to withdraw their assets have the ability to do so.”CEO Changpeng Zhao raised hopes that Binance’s return to the East Asian country will “rebuild the Korean crypto and blockchain industry.”Terra’s collapse
sent shock waves through the entire cryptocurrency sector. The project’s algorithmic stablecoin – UST – and its native coin – LUNA – crashed to virtually zero, causing severe losses for investors. Terra’s Co-Founder – Do Kwon – was reluctant to cooperate with the authorities and regulators and left his homeland. While Interpol