Gopax, Binance Review GOFi Deposit Repayment Measures

Son Min

Summary

Gopax said it is step-by-step reviewing, together with major shareholder Binance, ways to secure funds and procedures for minority shareholder consent for GOFi deposit repayments.
It stated that, as the Financial Intelligence Unit accepted the board change notification, Binance's acquisition of Gopax was officially completed about two and a half years later.
It said this approval is expected to speed up the GOFi deposit compensation process that was suspended following the 2023 FTX incident.

Cryptocurrency exchange Gopax said on the 16th that it is, together with major shareholder Binance, step-by-step reviewing ways to secure funds and procedures for minority shareholder consent to repay GOFi deposits.

It added, "The Financial Intelligence Unit (FIU) has accepted the board change notification," and "we are continuing discussions with the repayment of GOFi customer deposits as the top priority." Specific schedules and methods will be announced once they are finalized.

With this approval, Binance has officially completed the acquisition of Gopax about two and a half years later. Accordingly, the compensation process for GOFi deposits, which was suspended following the 2023 FTX incident, is expected to accelerate.

Binance had repaid about $70 million by August of last year, and as of July this year about $122 million remained outstanding.