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Binance Explores Deal with Megazone to Divest Gopax Stake


by CoinEdition

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Binance Explores Deal with Megazone to Divest Gopax Stake
  • Binance’s stake reduction in Gopax aims to meet South Korean regulatory demands, crucial for renewing banking partnerships.
  • Megazone’s potential acquisition of Binance’s stake in Streami signals strategic shifts in South Korea’s crypto market.
  • Regulatory pressures prompt Binance to reconsider governance and ownership structures at Gopax.

Binance is in advanced talks to substantially reduce its stake in Streami, the parent company of South Korea’s Gopax exchange.

According to reports from IT Chosun, Binance currently owns 72.6% stake in Streami but plans to cut this ownership to just 10% through a prospective deal with Megazone, a firm specializing in infrastructure software solutions.

This move by Binance reflects a strategic effort to comply with regulatory demands and enhance governance, particularly in response to requirements from financial authorities in South Korea.

These changes are crucial as Binance seeks to renew its real-name account contract with Jeonbuk Bank, scheduled for August. In South Korea, obtaining real-name accounts from a local bank is essential for cryptocurrency exchanges to legally offer fiat-to-crypto trading services.

Sour…

The post Binance Explores Deal with Megazone to Divest Gopax Stake appeared first on Coin Edition.

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Binance Explores Deal with Megazone to Divest Gopax Stake


by CoinEdition

Share:

Binance Explores Deal with Megazone to Divest Gopax Stake
  • Binance’s stake reduction in Gopax aims to meet South Korean regulatory demands, crucial for renewing banking partnerships.
  • Megazone’s potential acquisition of Binance’s stake in Streami signals strategic shifts in South Korea’s crypto market.
  • Regulatory pressures prompt Binance to reconsider governance and ownership structures at Gopax.

Binance is in advanced talks to substantially reduce its stake in Streami, the parent company of South Korea’s Gopax exchange.

According to reports from IT Chosun, Binance currently owns 72.6% stake in Streami but plans to cut this ownership to just 10% through a prospective deal with Megazone, a firm specializing in infrastructure software solutions.

This move by Binance reflects a strategic effort to comply with regulatory demands and enhance governance, particularly in response to requirements from financial authorities in South Korea.

These changes are crucial as Binance seeks to renew its real-name account contract with Jeonbuk Bank, scheduled for August. In South Korea, obtaining real-name accounts from a local bank is essential for cryptocurrency exchanges to legally offer fiat-to-crypto trading services.

Sour…

The post Binance Explores Deal with Megazone to Divest Gopax Stake appeared first on Coin Edition.

Read the article at CoinEdition

In This News

Coins

$ 0.0869

$ 0.0574

$ 0.043

-0.89%

Share:

In This News

Coins

$ 0.0869

$ 0.0574

$ 0.043

-0.89%

Share:

Read More

Silver Supply Crisis Looms as Binance Hits $70 Billion Volume in Precious Metals Like Gold

Silver Supply Crisis Looms as Binance Hits $70 Billion Volume in Precious Metals Like Gold

In Brief Binance metals futures surpass $70 billion volume. COMEX silver inventories...
7,000 ETH Worth $13.55M Moved from Binance to Newly Created Wallet

7,000 ETH Worth $13.55M Moved from Binance to Newly Created Wallet

A significant whale activity has surfaced on the Ethereum network, with a sizable tra...