South Korean compliant cryptocurrency exchange Gopax's net loss narrowed in 2023, with revenue increasing by 97% year-on-year

According to the year-end financial report of parent company Streami, Gopax, a South Korean cryptocurrency exchange supported by Binance, incurred a net loss of 51.3 billion Korean won (approximately $37 million) in 2023, and a net loss of 90.6 billion Korean won in 2022. The trading platform is one of five fully licensed cryptocurrency exchanges in South Korea, and its performance improved year-on-year in 2022, with revenue growing by 97% to 3.1 billion Korean won and net operating losses decreasing by 78% to approximately 17 billion Korean won. At the same time, most of Gopax's losses in 2023 were related to funds associated with Genesis Global Capital. Genesis Global Capital experienced a liquidity crisis due to its involvement with FTX and announced a suspension of withdrawals in November 2022. According to the financial report, Genesis is the operator of Gopax's cryptocurrency custody service GoFi, which still owes users 63.7 billion Korean won. (The Block)