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

According to Mars Finance news, Binance stated that it will continue to reduce its stake in Gopax, a South Korean virtual asset exchange, to solve 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. In January last year, Binance continued to acquire Gopax by providing funds. Gopax submitted a virtual asset business change report to the country’s financial authorities in March, applying for details such as changes in registered directors, but the authorities delayed approval of 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 held after debt-to-equity swaps for the loans paid as GoFi repayments, and at the same time reduce its shares in GoPax.