South Korean crypto trading platform Gopax has to pay back about $47 million to customers of its wealth management product GOFi

According to a report by the Chosun Ilbo on January 6, Gopax, a South Korean crypto trading platform, needs to repay up to 60 billion won ($47 million) to customers of its crypto wealth management product GOFi. These include fixed time deposit products, free-form products with no time deposit maturity, deposit service interest, and deferred interest due to suspension of withdrawals. As previously reported, in November 2022, Gopax announced that GOFi was delaying principal and interest payments due to the suspension of redemptions by its partner Genesis. In early January 2023, Decenter reported that Binance had recently completed due diligence for the acquisition of Gopax, a South Korean trading platform, and was going through the confirmation process and other final steps.