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Exchanges

by Terence Zimwara

Jul 12, 2024



BINANCE SEEKS TO REDUCE STAKE IN OPERATOR OF SOUTH KOREAN CRYPTO EXCHANGE GOPAX
TO 10%




Binance is reportedly seeking to reduce its stake in the South Korean crypto
exchange Gopax’s parent company, Streami, to approximately 10%. Binance’s mooted
sale of the stake to Megazone comes just over a year after Binance acquired the
controlling stake. The exchange needs to offload the stake well before the
August 11 deadline for reporting changes related to renewing real-name accounts.


REGULATOR VOICES CORPORATE GOVERNANCE CONCERNS

Cryptocurrency exchange Binance is reportedly seeking to offload most of its
shareholding in Streami, the operator of the South Korean exchange Gopax.
Binance, which acquired the shares in 2023, aims to reduce its stake in Streami
from 72.6% to around 10%. The report adds that Binance expects to conclude the
deal this July.

According to a report by IT Chosun, South Korean regulators’ apparent reluctance
to approve the change in the shareholding structure forced the top crypto
exchange to consider relinquishing its stake. An industry insider said the
corporate governance structure demanded by financial authorities compelled
Binance’s decision.

“Binance is pushing for the sale of shares in order to improve its governance
structure as requested by financial authorities in order to process a change
report ahead of the renewal of its real-name account contract with Jeonbuk Bank
in August,” the anonymous insider explained.




AUGUST 11 DEADLINE

Following its reported acquisition of the stake, Binance sought to have a report
on the shareholding structure change approved. However, the Financial Services
Commission (FSC) is said to only consider this if the crypto exchange reduced
its shareholding to below 10%.

The FSC’s refusal to process a change report, some 15 months after Binance
acquired the controlling stake in Gopax’s parent firm, has sparked fears that
the crypto exchange may not be able to complete contract renewal before the
August 11 deadline. Under South Korea’s revised Special Financial Transactions
Act, crypto exchanges are now obliged to report changes related to renewing
real-name accounts at least one month before signing the contract.

However, an unnamed official with Megazone, which is in talks to buy Binance’s
stake in Streami, stated that the two parties are still examining various forms
of collaboration, including equity acquisition. The official nevertheless
emphasized that any deal would be subject to government approval.

What are your thoughts on this story? Share your opinion in the comments section
below.

TAGS IN THIS STORY

Binance, Crypto, crypto exchanges, crypto south korea, Cryptocurrency,
Regulation




TERENCE ZIMWARA

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He
has written extensively about the economic troubles of some African countries as
well as how digital currencies can provide Africans with an escape route.



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