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Home»ADOPTION NEWS»Binance-backed Gopax exchange shrinks net loss, records 97% year-on-year revenue growth in 2023
ADOPTION NEWS

Binance-backed Gopax exchange shrinks net loss, records 97% year-on-year revenue growth in 2023

By Crypto FlexsApril 13, 20243 Mins Read
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Binance-backed Gopax exchange shrinks net loss, records 97% year-on-year revenue growth in 2023
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Gopax, a Korean cryptocurrency exchange backed by Binance, reported a net loss of 51.3 billion won ($37 million) in 2023 compared to a net loss of 90.6 billion won in 2022 as of the end of the year. financial report From parent company Streami.

The trading platform, one of the five official cryptocurrency exchanges in Korea, recorded improved performance last year compared to the previous year. Sales increased by 97% to KRW 3.1 billion, and net operating loss decreased by 78% to approximately KRW 17 billion.

Gopax’s stronger results came as bullish cyclical sentiment emerged in South Korea in 2023. South Korea continues to be one of the most active cryptocurrency markets in the world. In November 2023, the South Korean won replaced the U.S. dollar as the cryptocurrency’s largest fiat trading pair, according to Bloomberg. report.

Meanwhile, most of Gopax’s losses in 2023 came from funds tied to Genesis Global Capital, which announced a suspension of withdrawals in November 2022 due to a liquidity crisis related to its participation in FTX. Genesis, the operator of GoFi, Gopax’s cryptocurrency storage service, still owes users 63.7 billion won, according to its financial report.

Binance acquisition halted

Gopax was acquired by Binance in February 2023 as the global exchange stepped in to resolve liquidity issues and secure a gateway to the Korean market.

However, local financial authorities have repeatedly delay It is reported that the transfer of ownership to Binance was approved due to concerns surrounding legal issues in the United States.

Steve Kim, Binance’s director of business development for Asia Pacific, said during a roundtable discussion in February that the global exchange was in early-stage negotiations. to reduce the stake It aims to ease Gopax’s debt and compliance pressures by becoming its second-largest shareholder. Binance CEO Richard Teng also visited Seoul in March and met with financial regulators and local media. reported.

According to the latest financial report, Binance remains Gopax’s largest shareholder with a 67.45% stake. A Binance spokesperson told The Block that there were no updates to share regarding Gopax’s change in Binance stake.

Gopax did not immediately respond to The Block’s request for further comment.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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