SNEAK PEEK
- Binance won’t comment on local news rumors of advanced discussions to purchase GOPAX.
- GOPAX completes due diligence on a commercial arrangement with the biggest crypto enterprise.
- Binance set to buy 41.2% stake from GOPAX CEO Lee Jun-haeng.
Binance, the biggest cryptocurrency exchange in the world refuses to say anything about reports in the local press that it is in advanced talks to buy GOPAX, a digital asset exchange based in South Korea.
In addition, a telegram message from a Binance spokesperson said that the exchange would not comment on rumors or speculations. The spokesman added that GOPAX has not responded to their emails or phone calls.
However, on December 31, GOPAX announced that it had concluded due diligence on a new business arrangement with the global blockchain infrastructure firm and that this would be its partner’s first time expanding in the nation. Nonetheless, a non-disclosure agreement prevented the statement from identifying the firm, although media sites have speculated that it is Binance.
Moreover, local news outlet Decenter, which cited an unknown source, noted that Binance would purchase a 41.2% stake from Gopax CEO Lee Jun-haeng, the biggest shareholder of Gopax. However, for the time being, Binance will keep this representative structure to ensure stable administration.
According to a knowledgeable official in the industry, the deal was scheduled to be revealed around the holidays of the previous year, but final talks on the value of the share have been dragging on for far longer than planned.
On the other hand, GOPAX has been trying to get fresh funding. Since it received organized goods from Genesis Global Capital, a decentralized finance (DeFi) provider, on November 16, GOFi halted accepting withdrawals of principal and interest payments.