Alphabiz - K-Bank Denies Reports of Investment in Crypto Exchange GOPAX, Reaffirms Partnership with Upbit

Photo courtesy of Yonhap News

[Alpha Biz= Paul Lee] SEOUL, Oct. 20 — South Korea’s internet-only bank K-Bank on Sunday dismissed reports that it is joining as a new investor in domestic cryptocurrency exchange GOPAX, calling the claim “groundless.”


In a statement, K-Bank said, “We have extended our one-year partnership with Upbit, Korea’s largest cryptocurrency exchange, and continue to maintain a strong relationship. The reports about an investment in GOPAX are not true.”


K-Bank is Upbit’s exclusive banking partner, providing verified real-name accounts under South Korea’s financial regulations. The two companies have maintained their partnership for the past five years, renewing the contract earlier this year for another term.


GOPAX is one of the country’s five major cryptocurrency exchanges—alongside Upbit, Bithumb, Korbit, and Coinone—though it has the smallest market share among them. Recently, the Financial Intelligence Unit (FIU) under the Financial Services Commission approved a foreign executive change filing for Binance, which acquired a 67% stake in GOPAX in February 2023, solidifying its position as the exchange’s majority shareholder.

Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)