Isabella García
Binance, the world’s largest cryptocurrency exchange, has officially completed its acquisition of South Korean exchange Gopax, according to a report from local outlet MK.
After a delay of more than two years, South Korea’s Financial Intelligence Unit (FIU) has finally approved the change of key executives at Gopax, effectively greenlighting the long-awaited takeover.
The approval follows Binance’s 67% majority acquisition of Gopax in February 2023, which had been pending regulatory clearance due to compliance concerns.
The FIU had previously postponed approval of the deal over anti-money laundering (AML) risks tied to Binance’s global operations.
In June 2023, Binance faced significant legal pressure when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit alleging unauthorized operations in the U.S., while the Department of Justice (DOJ) accused the company of money laundering violations. Binance later settled the case with $4.3 billion in penalties.
According to local media reports, the resolution of these U.S. legal issues played a crucial role in the FIU’s final approval decision.
Binance’s Return to South Korea
The regulatory green light marks Binance’s return to the South Korean market, which it exited in 2021 due to tightening compliance rules.
Gopax, one of only five licensed South Korean exchanges authorized to provide cash-to-crypto services, meets the country’s stringent Know-Your-Customer (KYC) and AML standards. This gives Binance a compliant pathway to re-establish its presence in one of Asia’s most active crypto markets.
Gopax’s Liquidity Crisis and Binance’s Rescue
Gopax experienced a major liquidity crisis in early 2023 after its DeFi partner, Genesis Global Capital (GGC), froze customer assets linked to the GoFi deposit program.
The issue stemmed from GGC halting withdrawals following the collapse of FTX, which ultimately led to a Chapter 11 bankruptcy filing in January 2023. As a result, approximately $47 million (₩56.6 billion) in GoFi user funds became inaccessible.
To stabilize Gopax and restore user trust, Binance stepped in with a majority acquisition in February 2023, committing capital to reimburse affected GoFi customers and reinforce the platform’s liquidity.
A Strategic Move for Market Expansion
The finalized acquisition signals Binance’s renewed focus on Asia, a region with deep crypto adoption and evolving regulatory frameworks.
By securing compliance approval and backing a trusted local exchange, Binance positions itself for sustainable growth in South Korea’s tightly regulated digital asset ecosystem.
