Binance plans to reduce its holdings in Gopax to resolve Gopax’s VASP reporting issues

Binance said it will continue to reduce its stake in South Korean virtual asset exchange Gopax to resolve the virtual asset business operator (VASP) change declaration issue and will be able to announce specific details about the stock sale within a month or two. Last January, Binance went on to acquire Gopax by providing funding. Gopax submitted a virtual asset business change report to the country’s financial authorities in March, applying for details such as a change of registered directors, but the authorities delayed approving the report due to Binance’s legal risks. In this regard, in order to solve the debt part of GoPax and the VASP update problem, Binance plans to sell part of the shares it holds after converting the loan paid as GoFi repayment money into debt and reduce its shares in GoPax.