Binance, the world’s largest crypto exchange by trading volume, has entered into final negotiations with South Korean cloud services provider Megazone to sell most of its shares in Gopax.

If the deal goes through, Binance will cut its stake in Gopax, one of South Korea’s five fully licensed crypto exchanges, to around 10%, according to a translated local media report.

Gopax was acquired by Binance in February 2023 after the exchange faced liquidity issues associated with the FTX-afflicted Genesis Global Capital. Binance stepped in to resolve Gopax’s liquidity issues under the condition of acquiring a 72.26% stake in the platform. Binance remains the largest shareholder in Gopax with a 67.45% stake, according to its latest financial report.

Following the Binance acquisition, Gopax filed …