Gopax-Jeonbuk Bank Contract Deadline Looms; Binance Faces Equity Adjustment
CryptoNewsTerminal Staff06 Aug, 2024
Gopax-Jeonbuk Bank Contract Deadline Looms; Binance Faces Equity Adjustment
Extension Deadline Approaches With a mere five days remaining, Gopax and Jeonbuk Bank face an imminent deadline for extending their real-name account contract. This contract renewal is crucial for Gopax to maintain its Virtual Asset Service Provider (VASP) registration. Jeonbuk Bank's Precondition Jeonbuk Bank has stipulated equity restructuring as a precondition for contract extension, creating a challenge for Binance, Gopax's largest shareholder. Binance's Stake Sale To address this demand, Binance is expediting plans to sell its stake to Mega존, a domestic cloud company. While Mega존 has expressed strong acquisition intentions, it reportedly has yet to complete the payment. Registration Renewal Imperative If Gopax fails to extend the real-name account contract by the 11th, it risks jeopardizing its VASP registration, which enables it to offer virtual asset-related services legally. Binance's Equity Adjustment The successful completion of Binance's equity adjustment is essential for both Gopax and Binance. Gopax's ability to operate as a VASP depends on it, and it also allows Binance to comply with regulatory requirements and focus on its global cryptocurrency operations.
