Binance has acquired a majority stake in crypto trading platform Gopax, funded by a $1bn "industry recovery fund"

Binance has acquired a majority stake in South Korean trading platform Gopax, Bloomberg reported on February 3. The acquisition will be funded by Binance's $1 billion "industry recovery plan." The terms of the acquisition were not disclosed. Gopax suspended customer withdrawals in November 2022, and its parent Streami Inc. One of the top 10 known creditors of Genesis Global, Genesis is also a partner in revenue products provided by Gopax. Binance plans to inject capital into Gopax to enable Gopax's revenue product, GoFi, to make customer withdrawals and interest payments. CZ said it hopes to work with Gopax to further rebuild South Korea's cryptocurrency and blockchain industry. BlockBeats previously reported on January 2 that Binance had recently completed due diligence for the acquisition of Gopax, a South Korean trading platform, and was going through the final steps of the confirmation process. "The acquisition was originally scheduled to be announced around Christmas last year, but is now in final discussions on equity value," Blockbeats said. It is reported that Binance will buy 41.2 percent of Gopax shares from CEO Lee Jun-hang, the company s largest shareholder, but will maintain the existing management system for the time being to stabilize the company. Binance did not immediately respond to a request for comment about the Gopax deal.