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News

Binance Reported Its Gopax Acquisition Success To Korean Regulators

March 7, 2023 - Around 3 mins mins to read

Key Points:

  • According to a report to the South Korean regulator, the largest cryptocurrency exchange in the market, Binance, has completed the final phase before acquiring Gopax.
  • Gopax has submitted a virtual asset operator change report to the Financial Intelligence Unit (FIU) of the Korean Financial Services Commission.
  • Even if the FIU accepts the statement, Gopax must be considered whether Jeonbuk Bank will continue to provide Gopax with real-name accounts.
According to Korean media outlet Newsis, cryptocurrency exchange Binance has completed the final phase before acquiring Gopax, and Binance has already filed a declaration with the Korean financial authority.
Binance Reported Its Gopax Acquisition Success To Korean Regulators

Gopax has submitted a virtual asset operator change report to the Financial Intelligence Unit (FIU) of the Korean Financial Services Commission. If the FIU accepts this change report, it will be the first time a global currency exchange has entered the domestic market through the Korean won the exchange.

Under the Specific Financial Information Act, a change report must be filed when a company representative or director changes registration. Gopax also needs to make an effort to convince the FIU as the report may be denied if a violation of the Financial Conduct Act under the Special Financial Transactions Act by altered executives is discovered during the reporting process.

Earlier this month, Gopax changed its CEO from founder Lee Jun-haeng to Binance Asia Pacific CEO Leon Sing Foong.

Along with the CEO change, a new internal director has also been appointed by Binance. Director Steve Young Kim has been in charge of Binance’s Korean business since last year, and Ji Yu Zhao, director of the Recovery Fund Binance industry leader, has been appointed as internal director.

Unclear financial information and Binance’s money laundering problem are obstacles to overcome. The order book, the most powerful trading method that Binance will use when acquiring Gopax, is difficult to enforce under current law.

Binance Reported Its Gopax Acquisition Success To Korean Regulators

According to the report, even if the FIU accepts the statement, it must be considered whether Jeonbuk Bank will continue to provide Gopax with real-name accounts if Jeonbuk Bank feels the burden of changing shareholders and canceling its cooperation, Gopax may be disqualified from its qualifications as an operator of virtual assets.

Previously, on February 3, it was reported that Binance acquired a majority stake in the Korean cryptocurrency exchange Gopax through the “Industry Recovery Plan.”

On February 17, Gopax’s board of directors was changed, most of the members were from the largest exchange, and the head of Binance’s Asia-Pacific region was the chairman of the board.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

News

Binance Reported Its Gopax Acquisition Success To Korean Regulators

Key Points:

  • According to a report to the South Korean regulator, the largest cryptocurrency exchange in the market, Binance, has completed the final phase before acquiring Gopax.
  • Gopax has submitted a virtual asset operator change report to the Financial Intelligence Unit (FIU) of the Korean Financial Services Commission.
  • Even if the FIU accepts the statement, Gopax must be considered whether Jeonbuk Bank will continue to provide Gopax with real-name accounts.
According to Korean media outlet Newsis, cryptocurrency exchange Binance has completed the final phase before acquiring Gopax, and Binance has already filed a declaration with the Korean financial authority.
Binance Reported Its Gopax Acquisition Success To Korean Regulators

Gopax has submitted a virtual asset operator change report to the Financial Intelligence Unit (FIU) of the Korean Financial Services Commission. If the FIU accepts this change report, it will be the first time a global currency exchange has entered the domestic market through the Korean won the exchange.

Under the Specific Financial Information Act, a change report must be filed when a company representative or director changes registration. Gopax also needs to make an effort to convince the FIU as the report may be denied if a violation of the Financial Conduct Act under the Special Financial Transactions Act by altered executives is discovered during the reporting process.

Earlier this month, Gopax changed its CEO from founder Lee Jun-haeng to Binance Asia Pacific CEO Leon Sing Foong.

Along with the CEO change, a new internal director has also been appointed by Binance. Director Steve Young Kim has been in charge of Binance’s Korean business since last year, and Ji Yu Zhao, director of the Recovery Fund Binance industry leader, has been appointed as internal director.

Unclear financial information and Binance’s money laundering problem are obstacles to overcome. The order book, the most powerful trading method that Binance will use when acquiring Gopax, is difficult to enforce under current law.

Binance Reported Its Gopax Acquisition Success To Korean Regulators

According to the report, even if the FIU accepts the statement, it must be considered whether Jeonbuk Bank will continue to provide Gopax with real-name accounts if Jeonbuk Bank feels the burden of changing shareholders and canceling its cooperation, Gopax may be disqualified from its qualifications as an operator of virtual assets.

Previously, on February 3, it was reported that Binance acquired a majority stake in the Korean cryptocurrency exchange Gopax through the “Industry Recovery Plan.”

On February 17, Gopax’s board of directors was changed, most of the members were from the largest exchange, and the head of Binance’s Asia-Pacific region was the chairman of the board.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

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