Min Byung-deok "Binance to provide relief for GOPAX victims… the Financial Services Commission must manage thoroughly"

Rep. Min Byung-deok of the Democratic Party of Korea raised the GOPAX compensation issue and urged the Financial Services Commission to exercise thorough management and supervision.

On the 20th (local time), participating in a National Assembly audit by the Political Affairs Committee, Rep. Min told Lee Eok-woom, chairman of the Financial Services Commission, "As the U.S. company that operated GOPAX went bankrupt, damages of about 50 billion to 10 billion won occurred," adding, "Binance acquired GOPAX on the condition of reimbursing the full amount of damages, but compensation has not yet been completed."

He called this "a typical no-capital merger and acquisition (M&A)," and said, "In particular, Binance gave the impression that it negotiated on the pretext of compensating victims during the GOPAX acquisition process." He went on, "Relief for Korean investors must be the core priority," and emphasized, "Now that the Financial Intelligence Unit (FIU)'s approval of the acquisition has been completed, the responsibility to repay the damages must be made clear."

He also said the Financial Services Commission, having the authority to grant and renew exchange licenses, must manage the situation thoroughly until compensation is finalized, adding, "Please supervise so they cannot evade responsibility with flimsy tricks."

He said strict oversight of the domestic market is also necessary. Rep. Min warned, "If Binance fully enters the domestic market, market overheating is a concern," and added, "Since Binance is a company that has had legal issues, stricter management and supervision are needed."