- Binance acquired a 50% stake in Gopax, a South Korean crypto exchange, on 23 February as part of their strategy to gain a foothold into the country.
- South Korean authorities have expressed concerns about Binance taking over and potential money laundering and financial crimes through unverified coins that are listed on the exchange.
- Despite these challenges, Binance recently announced the launch of Binance Pay in France through a collaboration with global payments provider, Ingenico.
Binance Acquires 50% Stake in South Korean Exchange Gopax
Binance has taken steps to expand its presence in South Korea by acquiring a 50% stake in Gopax, a native crypto exchange. This move is part of Binance’s strategy to gain a foothold into South Korea. Leon Gong, the former Asian Pacific representative of Binance recently took over as Gopax’s new CEO.
Regulatory Concerns Regarding Money Laundering
South Korean financial authorities are concerned about this move and worry that it could pave the way for money laundering and financial crimes through unverified coins that are listed on the exchange. They have reviewed alternative regulatory measures for Gopax after changes caused by Binance’s involvement. For Binance to maintain operations in the country they will need to conform to these regulatory requirements.
Binance Launches Pay in France
In spite of these challenges, Binance continues to make headway elsewhere and recently announced the launch of Binance Pay in France through a collaboration with global payments provider, Ingenico. This partnership enables users to pay with crypto through #Binances Pay which is another milestone for global crypto adoption.