Binance Dominates South Korean Crypto Market
On February 17, Leon Foong, who is responsible for Binance\’s Asia-Pacific region, was appointed as the chairman of the board of directors of Gopax, a South Kor…
On February 17, Leon Foong, who is responsible for Binance’s Asia-Pacific region, was appointed as the chairman of the board of directors of Gopax, a South Korean encryption trading platform that was recently acquired by Binance. Other new internal directors of Gopax include former Binance directors Steve Young-Kim and Ji Yu Zhao (head of Binance’s industry recovery plan). Most of the board members of Gopax are from Binance.
Leon Foong, who is responsible for Binance Asia-Pacific region, was appointed Chairman of the Gopax Board of Directors
Interpretation of the news:
Binance, the world’s largest cryptocurrency exchange, has been expanding its reach in the Asia-Pacific region with its recent acquisition of Gopax, a South Korean cryptocurrency trading platform. On February 17, Binance’s Asia-Pacific chief, Leon Foong, was appointed as the chairman of the board of directors of Gopax. Foong will oversee the operations and direction of Gopax, which includes the integration of Binance’s trading technology and infrastructure.
The acquisition of Gopax by Binance is part of the exchange’s strategy to expand its footprint in South Korea, one of the largest cryptocurrency markets in the world. Gopax was established in 2017 and has since grown into one of the leading cryptocurrency exchanges in South Korea. Its acquisition by Binance is expected to provide Gopax with access to Binance’s global resources and expertise, which will enable it to strengthen its position in the South Korean crypto market.
The appointment of Foong as the chairman of the board of directors of Gopax is another step towards strengthening the relationship between Binance and Gopax. Foong has been with Binance for over three years and has played a crucial role in driving the company’s growth in the Asia-Pacific region. His appointment is seen as a testament to Binance’s commitment to expanding its reach in South Korea and the Asia-Pacific region.
The addition of former Binance directors Steve Young-Kim and Ji Yu Zhao to the board of directors of Gopax is also a significant development. Young-Kim was responsible for Binance’s Korean operations and has extensive experience in the South Korean crypto market. Zhao, on the other hand, was responsible for Binance’s industry recovery plan, which enabled the exchange to bounce back from the 2019 hack.
Most of the board members of Gopax are from Binance, which further establishes Binance’s dominance in the South Korean crypto market. With the integration of Binance’s trading technology and infrastructure, Gopax is expected to offer its users a more robust and efficient trading experience.
In conclusion, Binance’s acquisition of Gopax and the appointment of its executives to the board of directors demonstrate the exchange’s commitment to expanding its reach in the South Korean crypto market. With its global resources and expertise, Binance is well-positioned to dominate one of the largest cryptocurrency markets in the world.
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