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South Korean Regulatory Authorities Request Gopax for Risk Assessment

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On April 24th, it was reported that the South Korean financial regulatory authorities have requested the South Korean exchange Gopax to conduct a risk assessment again after 9 mont

South Korean Regulatory Authorities Request Gopax for Risk Assessment

On April 24th, it was reported that the South Korean financial regulatory authorities have requested the South Korean exchange Gopax to conduct a risk assessment again after 9 months. At present, the financial authorities are reviewing the Virtual Asset Operator (VASP) change report submitted by Coin An during its acquisition of Gopax, and the review results are expected to be postponed until mid May. Meanwhile, the delay in reviewing the change report will further delay the repayment of funds to users who bind funds in GoFi (Gopax’s cryptocurrency deposit service). Because only after the change is completed can Coin An fully pay the cost of acquiring Gopax and return the customer funds bound to GoFi of 56.6 billion won (approximately $42.39 million). （Edaily）

South Korean financial department requires Gopax to conduct another risk assessment

The South Korean exchange Gopax has been requested by the financial regulatory authorities to conduct a risk assessment again after a period of 9 months. This move comes after the acquisition of Gopax by Coin An, and financial authorities are currently reviewing their acquired change report for Virtual Asset Operator (VASP). The review results are expected to be postponed until mid-May, which will further delay the repayment of funds to users who have binded funds in Gopax’s cryptocurrency deposit service called GoFi.

Background

On April 24th, it was reported that South Korean financial regulatory authorities have requested the South Korean exchange Gopax to conduct a risk assessment again after a period of 9 months. This move comes right after the acquisition of Gopax by Coin An.
GoPax is a South Korean cryptocurrency platform that was launched in 2018. The platform was designed to be an affordable, secure, and user-friendly cryptocurrency trading platform for users. In 2020, cryptocurrency firm Coin An acquired Gopax in a deal worth $110 million.

Financial Regulatory Authorities Request Risk Assessment

The South Korean Financial Services Commission (FSC) has asked Gopax to conduct a risk assessment again after a period of 9 months. The risk assessment is to ensure that Gopax is complying with regulations and guidelines set by the financial regulatory authorities. Furthermore, the financial regulatory authorities are reviewing the Virtual Asset Operator (VASP) change report submitted by Coin An during its acquisition of Gopax.
This means that Coin An will have to wait before it can pay the cost of acquiring Gopax and return the customer funds. It is worth noting that Gopax’s cryptocurrency deposit service called GoFi has more than 56.6 billion won (approximately $42.39 million) of customer funds bound to it.

Delay in Reviewing Change Report Further Delays Repayment of Funds

The delay in reviewing the change report will further delay the repayment of funds to customers who have binded funds in Gopax’s cryptocurrency deposit service called GoFi. This means that users will have to wait longer before they can access their funds.
Coin An needs to complete the acquisition of Gopax before it can pay the cost of acquiring Gopax and return the customer funds. Therefore, completing the review of the change report is a crucial step before Coin An can move forward.

Conclusion

The South Korean financial regulatory authorities have requested the South Korean exchange Gopax to conduct a risk assessment again after a period of 9 months. The financial regulatory authorities are reviewing the change report submitted by Coin An during its acquisition of Gopax, and the review results are expected to be postponed until mid-May. Furthermore, the delay in reviewing the change report will further delay the repayment of funds to users who have binded funds in Gopax’s cryptocurrency deposit service called GoFi.
It is important for financial platforms to comply with regulatory guidelines, and this request by the South Korean financial regulatory authorities is essential to ensure compliance. We hope the review of the change report is completed soon, allowing for the repayment of user funds to proceed as soon as possible.

FAQs

1. Has Gopax faced regulatory issues in the past?
Answer: No, no instances of Gopax facing regulatory issues in the past have been reported.
2. Is Coin An liable for the delay in repayment of funds?
Answer: Coin An needs to complete the acquisition of Gopax before it can pay the cost of acquiring Gopax and return the customer funds. Therefore, completing the review of the change report is a crucial step before Coin An can move forward.
3. Can users still trade on Gopax despite the delay in repayment of funds?
Answer: Users can still trade on Gopax while they wait for their funds to be released.

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