GoPax is a cryptoasset exchange located in South Korea. Their volume over the last 24 hours is $6.66M. The exchange is rated “D” which means “Poor.” They allow trading with the following fiat currencies: KRW.
GOPAX (an acronym for “Global Online Professional Assets Exchange”) is a centralized cryptocurrency exchange based in Seoul, South Korea. The platform was founded in November 2017 and is operated by Streami, Inc with business registration No. 432-87-00120. The official address of the company is 7th floor, 704, Yeongdong-daero, Gangnam-gu, Seoul. Streami Inc. has offices also in Hong Kong (business registration No. 67730367-000) and Delaware, USA (business registration No. 20174866804). By revealing detailed information about its business entities, their registration numbers, and addresses, GOPAX does more than enough to establish itself as a transparent and open cryptocurrency exchange.
It is worth noting that it goes even beyond that and provides an informative introduction to its management team. From the “About Us” page, it becomes clear that the platform was founded by four co-founders. Before establishing GOPAX, Junhaeng Lee, who, at the time of this writing, is also the CEO of the exchange, held a management position at HSBC and worked as a consultant for McKinsey. He holds a B.A. in History from Harvard University. The other co-founder and current CTO, Yeunjin Kong, has substantial tech experience, working as an engineer for Google and holding an M.S. in Computer Science from Stanford University. Seungmyung Lee, co-founder, and CSO of GOPAX is a Stanford graduate holding an M.S. in Financial Mathematics. He was also a gold medalist from the International Math Olympiad in 2004. James Park, the fourth co-Founder, and CFO holds a CFA certification and has a B.B.A degree from the University of Southern Carolina. He has experience as a financial analyst at PwC and a US Strategy and Business Development at YG. A check-up in the individuals’ LinkedIn profiles confirms all the information and background details, stated on the exchange’s website.
In a bid to bring credibility to its business, on July 10th, 2018, GOPAX earned an ISO/IEC 27001 certification as a cryptocurrency exchange. The exchange claims to be the world’s first digital asset trading platform with such a certification. The GOPAX team explains that to earn it, it had to pass a “rigorous audit” covering 14 different aspects of its services, such as information and physical security, information access and cryptography and others. It is worth noting also that GOPAX was one of the seven cryptocurrency exchanges which passed a Korean government security check, conducted in the period September – December 2018. 14 of the 21 cryptocurrency trading platforms that were examined by the Ministry of Science and Technology, Ministry of Information and Communication (MKEU), and the Korea Internet & Development Agency (KISA) failed to pass the test and were found “vulnerable to hacking at all times.”
Regarding the exchange, it is worth noting that it has a very well-structured website where every key feature and particular topics of interest for investors, are divided into a separate page. For example, the “Security” page examines the topic in terms of informational security, platform security, and surveillance. Regarding the system’s security, the GOPAX team points out that the platform employs two-factor authentication and a notification system that lets users know whenever there is some sort of event (order, deposit or withdrawal, login, change in private information). The “Organization” paragraph explains that the exchange employs a multi-layered security system to access the cold wallets where users funds are stored. The team also adds that to gain access to their asset management system, one should have multiple approvals. GOPAX also states that it maintains a 24/7 deposit/withdrawals monitoring, based on the global standards for AML and counter-terrorist financing policies. Regarding the platform’s stability, the team claims to have integrated a breach detection and a DDoS defense system to monitor potential harmful traffic and abnormal activities.
The “Policy” section of the exchange’s website does an excellent job of letting the clients know what information they collect and how do they use it. It also has a list with all vendors and third-party service providers who may be granted access to clients’ personal information. However, it makes sure to highlight and explain all the cases in which this may happen. GOPAX also has a very detailed FAQ section which includes a “Ticket History” feature where users can keep track of past issues and how they were resolved.
Regarding trading experience, it is worth noting that the exchange offers an OTC feature. It allows clients to buy and sell cryptocurrencies outside of the regular trading platform. As a part of the advantages of the OTC trading function, GOPAX lists personal trading assistance (clients work with the platform’s team from initiation to settlement), fast settlement (24 hours on average), and others. To take advantage of it, however, investors should trade a minimum order size of $200 000.
The platform’s support can be reached via various channels, such as a helpdesk (Monday – Friday, from 09:00 AM to 09:00 PM), e-mail, and social media. However, clients’ online feedback suggests struggles to get in touch with a support representative. In fact, at the time of this writing, this is the only thing that users complain about when it comes to the exchange’s services.
The platform’s reputation is clear of hacks, security breaches, and government investigations.Read More