Gopax, a South Korean cryptocurrency exchange supported by Binance, witnessed substantial revenue growth of 97% in 2023, reaching 3.1 billion won, amid liquidity issues and regulatory scrutiny.

Despite these challenges, Gopax managed to reduce its net loss by 78% to $37 million compared to the previous year.

Binance stepped in to address liquidity issues and acquired Gopax, becoming its largest shareholder with a 67.45% stake, after funds from its GoFi-linked debt got stuck in Genesis Global Capital.

Meanwhile, Binance faced regulatory challenges globally, including fines and bans in the US, Nigeria, and the Philippines, but its native token, BNB (CRYPTO:BNB), maintained a trading value above $600, with recent gains indicating resilience amidst adversity.