Binance Holding Ltd. has acquired a majority stake in South Korean cryptocurrency exchange GOPAX, bringing the return of the largest cryptocurrency exchange to South Korea, a market it was in two years ago, Bloomberg reports.
According to the company’s CBO, Yibo Ling, Binance received a “significant” equity stake in GOPAX, which stopped withdrawals for certain services in November.
Funding for the acquisition came from the Binance-led Industry Recovery Initiative co-investment project, to which the exchange has committed a $1 billion. Terms of the acquisition were not disclosed.
GOPAX’s parent company, Streami Inc, is one of the 10 largest creditors of failed lender Genesis Global.
“We hope that by taking this step with GOPAX we will further rebuild the Korean crypto and blockchain industry,” said Changpeng “CZ” Zhao, founder and CEO of Binance.
Binance plans to proceed with injecting funds into the exchange to make customer withdrawals for the GoFi bond product.