Binance is planning to reduce its stake in South Korean cryptocurrency exchange Gopax after a debt-equity swap to help it stay compliant with digital-asset reporting requirements, News1 reports, citing Steve Young Kim, Binance’s Asia-Pacific director.
- Debt-equity conversion may increase Binance’s stake in Gopax to the 80% range
- Binance, which is Gopax’s largest shareholder, expects to disclose specifics of the sale in a month or two, News1 cites Kim as saying
- South Korean regulators have expressed concern over Binance’s legal risks
- NOTE: In February 2023,
Binance Returns to Korean Crypto Market Through Stake in GOPAX
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