'Gopax Victim Relief Seminar' Held on the 8th Victims Urge Authorities to Approve Gopax Acquisition Gopax: "FIU Rejects Acquisition Process Without Basis" Binance: "Still Committed to Acquisition... Feel Responsible for Victim Relief" Amid the holding of a National Assembly seminar for the relief of victims of the 'Gopax Incident', victims, Gopax, and Binance officials unanimously urged the Financial Intelligence Unit (FIU) under the Financial Services Commission to promptly approve the acquisition (acceptance of executive change report). On the 8th, the 'Gopax Victim Relief Seminar' was held at the 10th Conference Room of the National Assembly Members' Office Building in Yeouido, Seoul. This seminar, co-hosted by Min-kyu Park, a member of the Democratic Party of Korea, was held to gather voices from the industry and to start full-fledged discussions for victim relief. Previously, Gopax provided a deposit service called 'Gofi', which offered interest when customers deposited virtual assets (cryptocurrency). However, in 2022, when the operating company Genesis Global Capital went bankrupt, thousands of investors were unable to recover investments worth about 100 billion won. Subsequently, Binance became the largest shareholder of Gopax and promised victim relief, but the acceptance of the 'executive change report' by the FIU has not been realized, causing difficulties in relief efforts. Mr. Jeong, who identified himself as a victim of the 'Gopax Incident', said, "Gopax signed an investment agreement with Binance and the Industry Recovery Initiative (IRI) for victim relief and submitted an executive change report to the FIU in February 2023," but added, "The authorities have remained silent for 1 year and 4 months. The government is blocking victim relief." He continued, "Currently, victims are unable to lead normal lives," urging the FIU for a prompt acquisition approval. Another victim, Mr. Bae, also said, "I lost my entire fortune due to the Gofi damage. But the most frustrating thing is the authorities' response," adding, "We must correct the wrong administration and resolve this issue as soon as possible." Gopax: "FIU Rejects Acquisition Without Basis" Gopax CEO Cho Young-jung also expressed dissatisfaction with the FIU's actions and urged prompt measures. CEO Cho said, "According to current law, there is no problem with Binance's acquisition of Gopax. The FIU is refusing to accept the executive change report without any response," adding, "I don't understand why they are ignoring the support intention for domestic victims, even though a foreign company is acquiring a Korean company out of moral responsibility." He emphasized, "The plan to relieve victims has already been realized. Please just take action according to the law." He also made it clear that he would actively cooperate with any demands from the authorities for the acquisition process. He stated, "If there are concerns about money laundering related to the Gopax acquisition, I will disclose everything to the authorities," adding, "Authorities can monitor 365 days a year if they wish." Binance: "Still Committed to Acquisition... Feel Responsible for Victim Relief" Binance also expressed a strong commitment to the acquisition of Gopax and conveyed its intention to stay with the victims until the end. Steve Young Kim, Director of Binance, said, "When Binance decided to acquire Gopax, there was no commercial calculation involved," adding, "(Although the acquisition approval is delayed) We will not give up and intend to stay with the victims." He further explained that the founders and executives of Binance are sincere about victim recovery. Director Kim said, "The founders of Binance, as industry leaders, proceeded with acquisition negotiations with the thought of doing their best for victim compensation. Although the damage amount has increased over time, the founders and executives still feel responsible for victim relief." Finally, he expressed his determination to do his best for the acquisition. He said, "I empathize with the victims as if it were a family matter, not a company task," adding, "Please, in the upcoming government, look into these pains. If the authorities point out any shortcomings, we will strive to resolve the issue."
May 8PiCK
