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Binance seeks to sell most of its stake in GoPax operator

2024-07-11 17:08:14
Binance is in last-minute talks with Megazone, the parent company of Megazone Cloud, to sell its stake in South Korean crypto exchange Gopax operator Streami, reducing its 72.6% stake in Streami to 10%. Binance is seeking to sell its stake to improve the governance structure needed by financial authorities to fix the change report ahead of the renewal of the real-name account contract with Jeonbuk Bank in August, a deal that is due to be completed by the end of this month, people familiar with the matter said.
Binance acquired a 72.26% stake in Gopax in February last year. Later, in March of the same year, Binance reported the change of its largest shareholder, but the South Korean financial authorities have not decided whether to accept Binance's statement for the past year and three months. According to people familiar with the matter, the Financial Services Commission (FSC) of Korea has asked Binance to replace its largest shareholder and reduce its shareholding ratio to below 10% to fix the change report. As a result, Binance notified the authorities in March this year that it would reduce its stake in Gopax and reform its governance structure.