Editor's PiCK
"Assemblyman Min Byung-duk and FIU Hold Emergency Meeting… Seeking Solutions to the Two-Year-Long Gopax Crisis"
Summary
- Assemblyman Min Byung-duk and the Korea Financial Intelligence Unit (FIU) reportedly discussed solutions to the Gopax crisis.
- Gopax stated that approximately ₩100 billion in customer asset withdrawals have been suspended since the Genesis bankruptcy.
- It was reported that Binance's relief procedures have been stalled due to the FIU's delayed approval of the executive change notification.
It has been reported that Assemblyman Min Byung-duk met with officials from the Korea Financial Intelligence Unit (FIU) to discuss solutions for the Gopax situation.
According to the industry on the 30th (local time), Assemblyman Min Byung-duk of the Democratic Party of Korea and the FIU held an emergency meeting at the National Assembly and reportedly discussed ways to relieve victims, including the issue of a delayed approval for the executive change notification at Gopax. Previously, on the 16th, Assemblyman Min also met with a representative of Gopax victims at the National Assembly to discuss recovery measures for the damages.
Gopax has been unable to process withdrawals of customer assets worth approximately ₩100 billion linked to its GoFi products since the bankruptcy of Genesis in 2022. Since then, Binance became the largest shareholder of Gopax and has pursued relief measures; however, the process has stalled as the FIU has not approved the executive change notification for an extended period.
Furthermore, Gopax reported executive changes to the authorities three times—in March, August, and October 2023—but it is reported that regulators have been holding off on approval without providing any official grounds for the denial.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
