The post Binance Takes a Groundbreaking Move to Sell Its Stake appeared first on Coinpedia Fintech News
According to the release on Tuesday, Binance is planning to reduce its stake as it takes a step ahead to disinvest in Gopax, a South Korean-based company. This decision of the leading crypto firm has raised many questions about the crypto industry. In February 2023, Binance bought the majority stake from Gopax; however, it witnessed intense backlashes from South Korea’s Financial Services Commission (FSC) and the U.S. SEC.
Binance to sell back to Gopax
Binance one of the largest crypto exchange platforms, makes a significant decision to sell back its stake to the host company Gopax. Now this decision will certainly address the issues that came into concern with reporting requirements with Virtual Asset Business Operations [VASPs], according to the same report.
According to Steve Young Kim, Asia-Pacific director at Binance, “Gopax’s large debt is expected to be partially res
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