Binance is reportedly set to reduce its stake in GOPAX exchange. The shares sale will involve South Korea cloud service provider MegaZone.

Binance is reportedly in final negotiations as it looks to reduce its shares in South Korea-based crypto exchange GOPAX. According to local media outlet IT Chosun, Binance is set to sell its shares in the crypto exchange to MegaZone, the parent company of South Korean cloud provider Megazone. The sale will see Binance reduce its stake in GOPAX from 72.6% to roughly 10%, IT Chosun reported. Binance to reduce stake from 72.6% to under 10% In March, Binance officially informed financial authorities that the exchange will seek to reduce its shares in GOPAX to allow for the reorganization. In this case, the stake will reduce from the majority of 72.6% to less than 10%. An approval by financial authorities following this move will see Binance and GOPAX renew real-name accounts with the Jeonbuk Bank before August 11. On the other hand, reducing its stake allows Binance to bolster the local exchange with capital injection. GOPAX continues to suffer capital erosion after incurring massive debts following FTX’s collapse in 2022. In its deal with the South Korean exchange, Binance agreed that it would settle the 56 billion won ($40.6 million) debt. This would however be subject to a nod from financial authorities for Binance as the largest shareholder. The delay has since seen GOPAX’s debt spike to over 118.4 billion won ($85.8 million).

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Donald Trump will speak at the Bitcoin 2024 conference in Nashville, Tennessee. The Bitcoin Coinferene revealed this in an announcement early Thursday. Trump related meme coins surged amid the news.

The organizer of the Bitcoin 2024 conference has announced that former US President Donald Trump will be one of the speakers. Bitcoin 2024 is set to take place in Nashville, Tennessee from July 25 to July 27. This is one of the biggest bitcoin conferences in the world and will see Trump join a roster of top Bitcoiners at a time crypto is increasingly a top topic for politicians. News that the former president will attend and speak at the conference comes a few weeks after it was revealed that Trump had eyes on the event. The Republican Party nominee met Bitcoin miners at his Mar-a-Lago home in June and advocated for the US becoming the top BTC mining country. In recent months, the Trump campaign has accepted political donations in crypto. Some of the top Bitcoin and crypto donations have come from Gemini founders Cameron and Tyler Winklevoss and Kraken co-founder Jesse Powell. Apart from Trump, Bitcoin 2024 will have Robert F. Kennedy Jr., Vivek Ramaswamy and Senator Bill Hagerty among the speakers.   TrumpCoin (DJT) soars The announcement that Donald Trump will speak at Bitcoin 24 has sparked considerable gains for meme coins – particularly political meme coins. While not affiliated to the former US president, these PolitiFi tokens have surged as traders bet on the Republican Party candidate’s chances of winning in November’s election. One of the top gainers in the politics related meme coins is TrumpCoin (DJT), which was up more than 20% in the past 24 hours. MAGA Hat is also seeing a notable price gain as most tokens battle to shake off bears. Meanwhile, Bitcoin has returned above $58,000 after reclaiming the $57k level. However, bears continue to cycle as selling pressure from the German government continues. On Thursday, on-chain data showed the German government’s wallet had sent another 2,375 BTC worth approximately $137.8 million to exchanges, including Kraken, Bitstamp and Coinbase.

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