South Korean Financial Regulatory Authorities Request Action from Gopax Exchange

On April 24th, it was reported that the South Korean financial regulatory authorities have requested the South Korean exchange Gopax to conduct a risk assessment again after 9 months. At present, the financial authorities are reviewing the Virtual Asset Operator (VASP) change report submitted by Coin An during its acquisition of Gopax, and the review results are expected to be postponed until mid May. Meanwhile, the delay in reviewing the change report will further delay the repayment of funds to users who bind funds in GoFi (Gopax’s cryptocurrency deposit service). Because only after the change is completed can Coin An fully pay the cost of acquiring Gopax and return the customer funds bound to GoFi of 56.6 billion won (approximately $42.39 million). （Edaily）

South Korean financial department requires Gopax to conduct another risk assessment

On April 24th, 2021, it was reported that the South Korean financial regulatory authorities have requested the South Korean exchange, Gopax, to conduct a risk assessment again after nine months. Currently, the financial authorities are reviewing the Virtual Asset Operator (VASP) change report submitted by Coin An during its acquisition of Gopax, and the review results are expected to be postponed until mid-May.

Why Has the Exchange Been Requested to Conduct a Risk Assessment Again?

The South Korean financial regulatory authorities have requested the Gopax exchange to conduct a risk assessment again due to the changes in its management and ownership after the acquisition by Coin An. The financial authorities need to ensure that the exchange still complies with the necessary regulations after the ownership changes.

How Will the Delay in Reviewing the Change Report Affect Users?

The delay in reviewing the change report will further delay the repayment of funds to users who bind funds in GoFi. GoFi is Gopax’s cryptocurrency deposit service, and customers have bound funds worth 56.6 billion won (approximately $42.39 million) to the platform. Only after the change is completed can Coin An fully pay the cost of acquiring Gopax and return the customer funds bound to GoFi.

What Is the Impact on the Cryptocurrency Market in South Korea?

The delay in the review process has caused some concern among investors and traders in the South Korean cryptocurrency market. The delay is likely to cause a drop in trust, which could ultimately affect trading volumes.

Conclusion

The delay in reviewing the change report submitted by Coin An during its acquisition of Gopax and the request for Gopax to conduct a risk assessment again after nine months has caused a potential delay in the repayment of funds to users who use GoFi. This delay in the review process has also caused some concern among investors and traders in the South Korean cryptocurrency market.

FAQs

1. What is GoFi?
GoFi is a cryptocurrency deposit service provided by the Gopax exchange.
2. What is the impact of the delay on the cryptocurrency market in South Korea?
The delay in the review process has caused concern among investors and traders in the South Korean cryptocurrency market, as it is likely to cause a drop in trust and affect trading volumes.
3. When are the review results expected to be announced?
The review results are expected to be postponed until mid-May.