Binance-controlled Korean exchange Gopax suspends all trading and transfers customer assets to cold wallets

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Korean cryptocurrency exchange Gopax, in which Binance holds a majority stake, suspended deposits, withdrawals, trading, and transfers on November 6 and canceled all unfilled orders, transferring customer tokens under custody to cold wallets. Gopax said no theft had occurred on the platform and that the suspension was implemented based on recommendations from financial regulators; it has not yet announced when operations will resume. South Korea’s Financial Services Commission previously recommended raising the minimum proportion of exchange assets held in cold wallets from 80% to 99%; Gopax’s cold-wallet ratio was 80.54% in September, the lowest among South Korea’s major won-based exchanges.