Binance Explores Deal with Megazone to Divest Gopax Stake

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.

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