Virtual Asset Service Providers Archives - Coin Engineer https://coinengineer.net/blog/tag/virtual-asset-service-providers/ Btc, Coins, Pre-Sale, DeFi, NFT Tue, 30 Jan 2024 14:24:10 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png Virtual Asset Service Providers Archives - Coin Engineer https://coinengineer.net/blog/tag/virtual-asset-service-providers/ 32 32 Binance Sells Shares in Gopax Crypto Exchange https://coinengineer.net/blog/binance-sells-shares-in-gopax-crypto-exchange/ https://coinengineer.net/blog/binance-sells-shares-in-gopax-crypto-exchange/#respond Tue, 30 Jan 2024 14:23:29 +0000 https://coinengineer.io/blog/?p=10724 Binance, the world’s largest cryptocurrency exchange, has announced that it will sell its shares in Gopax, a South Korean cryptocurrency exchange. You might like: Spot Ethereum ETF to Face Setback Steve Young Kim, the Binance director for Asia Pacific, provided details on the sale. He said that the sale would be completed in the coming

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]]> Binance, the world’s largest cryptocurrency exchange, has announced that it will sell its shares in Gopax, a South Korean cryptocurrency exchange.

You might like: Spot Ethereum ETF to Face Setback

Steve Young Kim, the Binance director for Asia Pacific, provided details on the sale. He said that the sale would be completed in the coming months and that all details would be announced by March.

As is known, Binance entered the South Korean market by acquiring Gopax last year. This was a good technological opportunity in the Web3 and Blockchain field.

However, the South Korean government’s imposition of certain requirements on Virtual Asset Service Providers (VASPs) led to problems. In addition, Gopax was negatively affected by the bankruptcy of Genesis and suffered financially.

In addition, Gopax decided to suspend withdrawals in November 2022 after the Genesis bankruptcy.

Taking into account such unfavorable conditions, Binance announced that it would sell its shares.

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