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Crypto

Binance aims to complete GoFi compensation this year, renews push into South Korea

Binance Asia-Pacific head SB Seker said the exchange aims to complete compensation for GoFi users within this year, The Block reported on Jan. 30. Seker said stakeholders want the compensation process finished and that Binance is ready to reorganise Gopax afterward. GoFi faced a liquidity crisis after withdrawals were halted following Genesis Global Capital’s bankruptcy. Compensation will be based on the same quantity, not the amount at the time, The Block said.

Crypto

Gopax discloses GoFi repayment funds, holds 775 bitcoins

Gopax said on Jan. 29 it has secured digital assets including USD Coin and bitcoin to repay GoFi deposits. A notice on the status of custodial holdings showed it holds 11 types of coins for repayments, including about 706,184 USDC, about 775 bitcoins and 5,766 ether. It said the assets are stored separately under a third-party custody structure and managed apart from operating funds, but it cannot disclose the custodian or wallet addresses for security reasons.