Binance plans to reduce its stake in the South Korean exchange Gopax, with specific details of the share sale to be announced within one to two months

ChainCatcher news, citing Binance's Asia-Pacific director Steve Young Kim, states that Binance is currently in the early discussion stage of selling a partial stake in the South Korean exchange Gopax. During the Binance monthly roundtable meeting, Binance's Asia-Pacific director Steve Young Kim mentioned regarding the VASP issue of GoFX: "We hope to provide more specific information about the sale of this stake in some form within the next month or two."

In March of this year, Gopax submitted a notice of business change for virtual assets to the financial regulatory authority, applying to change its registered directors. However, the regulatory authority delayed the approval of this notice, citing judicial risks associated with Binance. In response, Binance plans to reduce its stake in Gopax by selling part of its holdings after converting a loan to be paid to Gopay for resolving VASP renewal issues into part of Gopax's debts.

According to the regulations of financial intelligence agencies, the validity period for crypto asset operators is three years from the date of receipt of the initial declaration, and renewal applications must be completed 45 days before the validity period expires. Gopax's initial declaration was received on December 9, 2021.