Gopax to extend real-name account partnership with Jeonbuk Bank by one year

South Korean virtual asset (cryptocurrency) exchange Gopax is reported to have decided to extend by one year its partnership with Jeonbuk Bank for real-name verified deposit and withdrawal accounts.

According to the industry on the 3rd, Gopax and Jeonbuk Bank agreed to extend their real-name account partnership contract by one year and submitted the relevant documents to the Financial Intelligence Unit (FIU) under the Financial Services Commission. With the renewal, the two sides will maintain their cooperative relationship for a fifth year, which has continued since February 2022.

The two companies had been in renewal talks ahead of the contract’s mid-month expiration after extending the partnership by nine months in May last year. During negotiations, there were reportedly differences over the length of the extension. Jeonbuk Bank had sought a two-year extension, but it was ultimately settled on a one-year extension preferred by Gopax.

The decision is also seen as easing, for now, market speculation over the possibility that Gopax could switch its partner bank. After Binance, Gopax’s largest shareholder, received acquisition approval from financial authorities, the possibility of changing banks in anticipation of expanding its domestic business had been raised.

Separately, the decision to set the extension period at one year is reported to have taken into account the process of addressing the Gopay incident and the regulatory review burden that would come with changing a partner bank.