Binance, a major stakeholder in the Korean crypto trading platform Gopax, plans to decrease its ownership in the exchange over the next one to two months.
This decision is prompted by the need to address challenges related to reporting changes for virtual asset business operators (VASPs).
On Tuesday, South Korean news outlet News 1 reported that Binance is set to reveal a decrease in its ownership stake in GOPAX “within a month or two,” quoting the director of Binance’s Asia-Pacific division, Steve Young Kim.
Binance spokesperson stated, “We are in early-stage discussions about our stake in GOPAX, As it’s still preliminary, we can’t share more details at this time.”
While Binance aims to sell a portion of its stake to address regulatory concerns, it might still maintain around 80% ownership, as suggested by local industry experts. As of now, Binance has not issued an official statement regarding this development.
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