Binance's Gopax, Korea's thinnest cold-wallet exchange, halts all trading

Gopax, a South Korean cryptocurrency exchange majority-owned by Binance, suspended all user trading and transfers on November 6 to move 100% of customer tokens into cold storage, or offline wallets, saying it had not suffered a theft. The exchange stopped deposits and withdrawals at 2:55 p.m. local time and halted trading and canceled open orders by 3:53 p.m.; it has not set a restart date. The precaution followed Binance’s $6.3 billion exploit, which the FBI linked to North Korean operators. In September, Gopax held 80.54% of customer assets offline, the lowest among South Korea’s major won exchanges and just above the 80% floor, while South Korean regulators recommended raising the minimum to 99% but made no final resolution.