According to Digital Asset, the South Korean encryption exchange Gopax appointed Vice President Li Zhongxun (transliteration) as the new CEO at the extraordinary general meeting of shareholders. Binance Asia Pacific General Manager Leon Poong was removed as Gopax CEO by the Gopax Board of Directors on June 8. Li Zhongxun joined Gopax in 2021 and led the acquisition of Gopax by Binance. Gopax replaced the CEO with a Korean to facilitate reporting on the company's progress. In February of this year, according to Bloomberg News, Binance has acquired a majority stake in South Korean exchange Gopax. The funds for this acquisition come from Binance’s previously launched $1 billion “industry recovery plan.” The specific terms of the acquisition were not disclosed.