Isabella García
After more than two years of delays, South Korean regulators have restarted their assessment of Binance’s acquisition of local cryptocurrency exchange Gopax, signaling that the global exchange may soon resume operations in the country.
According to local media outlet Newsis, South Korea’s Financial Intelligence Unit (FIU) is reviewing the executive change report submitted by Gopax. Approval for Binance’s control over Gopax could be granted as early as late 2025, potentially allowing Binance to re-enter the South Korean market after suspending its local operations in 2021.
Under current South Korean law, there is no separate evaluation for major crypto exchange shareholders. Therefore, the review of executive changes is effectively an assessment of Binance’s qualification as a primary shareholder.
Background of the Binance-Gopax Deal
Binance acquired 67% of Gopax shares in February 2023, becoming the majority shareholder. The executive change report, initially submitted in March 2023, faced long delays due to regulatory concerns about potential anti-money laundering (AML) risks.
The pause in approval coincided with Binance’s legal challenges in the U.S., including a $4.3 billion settlement following SEC and DOJ investigations into illegal services and money laundering violations. The FIU’s renewed review appears influenced by the resolution of these U.S. compliance issues, Newsis reported.
What is Gopax?
Gopax is one of only five South Korean exchanges licensed to conduct cash-to-crypto transactions. These platforms must meet strict know-your-customer (KYC) and AML standards.
In 2023, Gopax experienced a significant withdrawal crisis when its DeFi partner, Genesis Global Capital (GGC), froze customer funds linked to the GoFi deposit product. GGC later filed for Chapter 11 bankruptcy after the collapse of FTX, leaving roughly $47 million in GoFi funds inaccessible. Binance intervened by acquiring a majority stake in Gopax to stabilize the platform and support affected customers.
Binance’s Plans and Unfinished Deals
Binance previously considered selling part of its Gopax holdings to local cloud provider Megazone, aiming to reduce its stake while remaining the second-largest shareholder. That plan did not materialize by late 2024, meaning Binance still holds the majority position.
Approval from South Korean regulators could mark a major milestone for Binance, potentially allowing the exchange to re-establish a strong presence in one of Asia’s key crypto markets.
