• Binance recently purchased 41.2% of South Korean crypto exchange GOPAX as part of its Industry Recovery Initiative (IRI).
• This move is to rebuild the Korean crypto and blockchain industry following an ultimatum from authorities which caused Binance to discontinue its services in 2021.
• The investment is also geared towards improving user protection standards, improving user education and boosting the local ecosystem with Binance’s technology and liquidity.
Binance Invests in South Korean Exchange GOPAX
Binance has announced that it has bought 41.2% of crypto exchange GOPAX shares as part of its Industry Recovery Initiative (IRI). The move is a bid to return to South Korea and rebuild the country’s cryptocurrency and blockchain industry after facing difficulties due to its ties with Genesis Global last November.
Industry Recovery Initiative
The IRI was designed by Binance CEO Changpeng Zhao (CZ) to aid „promising companies“ impacted by last year’s events. As per reports, Binance aims to work closely with GOPAX, improve user education and blockchain awareness, cooperate with the South Korean regulators, and support the local ecosystem with Binance’s technology and liquidity through this initiative.
Discontinuation of Services in 2021
Last year, due to an ultimatum from the country’s Financial Intelligence Unit demanding that Binance must register according to new anti-money laundering laws or face criminal charges, the cryptocurrency exchange had discontinued its trading pairs and payment options in South Korea.
Returning To South Korea With Investment
With this recent investment in GOPAX, however, Binance can now return to provide cryptocurrency services through this partner exchange in South Korea again. By working closely with GOPAX, they hope to boost user protection standards while also educating users about cryptocurrencies through their platform @BinanceAcademy.
Objective: Boosting Crypto Ecosystem
The main objective behind this move is for Binance to further rebuild the Korean crypto industry with better user protection standards as well as improved user education about cryptocurrencies through their academy program on @BinanceAcademy platform