Binance, the largest shareholder of Gopax, the domestic virtual asset exchange, has expressed its commitment to providing “lateral support” for the normal operation of Gopax in the future. This move is seen as a response to recent speculation regarding Binance handing over its stake to Citylabs, which has become a shareholder in Gopax, and considering a “South Korean market exit.”
During the October Binance Virtual Round Table session on Oct. 31, Steve Young Kim, a director responsible for Binance in the Asia-Pacific region, discussed the possibility of amending the Virtual Asset Service Provider (VASP) change report for Gopax, stating, “The regulatory authorization process is not something we can control or influence. That part should be the main responsibility of Gopax, and Binance will continue to respond when Gopax needs it.”
Regarding the division of roles in the operation of Gopax between its CEO Cho Young-joong and Binance, he said, “We are continuously discussing this matter. The crucial aspect is that the main operation of Gopax should be carried out by Gopax itself, not by us or Citylabs.”
In regard to the recent appointment of Koreans to the board, including the replacement of the CEO, they explained, “The legal compliance team within Gopax suggested that having Koreans on the board would be more efficient and helpful in terms of communication with the authorities. We aligned with this aspect.”