Binance has completed its long-delayed acquisition of South Korea’s Gopax exchange, clearing regulatory hurdles that had stalled trading for more than two years.
summary
- Binance has completed its long-delayed acquisition of Gopax following FIU approval.
- The deal allows Binance to re-enter South Korea’s crypto market after a four-year hiatus.
- Gopax plans to finalize user compensation and expand its services with support from Binance.
After the acquisition, Binance is finally moving toward re-entering the Korean market, which it has spent years working on.
According to a report in Maeri Business Newspaper on October 16th, South Korea’s financial intelligence department approved Binance’s pending Gopax executive personnel report late on October 15th. This decision completes a process that began in February 2023, when Binance acquired a 67% stake in the exchange through the Industry Recovery Initiative.
Regulatory approval paves the way for trade with Binance
The review was postponed as regulators assess Binance’s compliance history, particularly after a $4.3 billion settlement with U.S. regulators in 2023 for anti-money laundering violations. Binance’s strengthened regulatory position this year, including the settlement of a U.S. lawsuit in May 2025, helped ease concerns and move the deal forward.
Binance currently has a direct presence in one of Asia’s most active digital asset markets, but it exited in 2021 due to tightening compliance regulations. A licensed local exchange offering real-name verified accounts, Gopax will integrate Binance’s advanced trading tools, global liquidity, and operational support.
With Binance’s support, Gopax will also be able to fully compensate users affected by the GoFi liquidity crisis related to Genesis Global Capital in 2022. Approximately $70 million has already been paid by the company to affected users, and the remaining payments will be made from recovered funds.
Gopax is expected to renew its banking partnership with Jeonbuk Bank and strengthen its compliance under the Virtual Asset User Protection Act of 2025, which mandates stricter asset segregation and reporting standards.
Industry impact and market outlook
Other international exchanges such as Coinbase and OKX may be encouraged to explore local partnerships in South Korea as a result of this approval. This also reflects the growing confidence among Asian regulators in global exchanges to demonstrate compliance and transparency.
Upbit currently controls more than 75% of the domestic trading volume, and competition is expected to increase with Gopax returning to Binance ownership. Industry watchers say this could reduce regional price premiums and increase market liquidity both in South Korea and other countries.
