Binance expands South Korea presence after investing in crypto exchange GOPAX

Binance ( BNB-USD ) ( BUSD-USD ), the world's largest cryptocurrency exchange by trading volume, has taken a stake in South Korean peer GOPAX, which was forced late last year to halt withdrawals in its GoFi yield product given its sizable exposure to now-bankrupt crypto lender Genesis Global Capital, according to a Friday release. The investment in GOPAX was made through Binance's Industry Recovery Initiative, which Binance committed $1B to in November 2022, after onetime rival FTX ( FTT-USD ) filed for bankruptcy protection and subsequently roiled the industry. As a result of Binance's capital injection into GOPAX, withdrawals and interest payments will be enabled again, the release said. "We hope that taking this step with GOPAX will further rebuild the Korean crypto and blockchain industry," said Binance Founder and CEO Changpeng Zhao. Terms of the deal were not disclosed. In August 2022, Binance said it will support the development of Busan, South Korea's blockchain ecosystem.