Binance has finalized its long-delayed acquisition of South Korea’s Gopax exchange, clearing regulatory hurdles that had stalled the deal for over two years.
Summary
- Binance has completed its long-delayed acquisition of Gopax after FIU approval.
- The deal allows Binance to re-enter South Korea’s crypto market after a four-year gap.
- Gopax will finalize user compensation and expand services with Binance’s backing.
Binance is finally on its way to re-enter the South Korean market after the acquisition, which has been on the works for years now.
According to a report by Maeli Business Newspaper on Oct. 16, South Korea’s Financial Intelligence Unit approved Binance’s pending executive change report for Gopax late on Oct. 15. The decision completes the process that began in Feb. 2023 when Binance acquired a 67% stake in the exchange through its Industry Recovery Initiative.
Regulatory approval clears path for Binance deal
As regulators evaluated Binance’s compliance history, especially following its $4.3 billion settlement with U.S. authorities in 2023 for anti-money laundering violations, the review was postponed. Binance’s enhanced regulatory standing this year, which included the settlement of its U.S. cases in May 2025, helped ease concerns and move the deal forward.
Binance now has a direct presence in one of Asia’s busiest digital asset markets, which it left in 2021 due to stricter compliance regulations. Gopax, a licensed local exchange that offers verified accounts with real names, will now integrate Binance’s advanced trading tools, worldwide liquidity, and operational assistance.
With Binance’s help, Gopax can also fully compensate users affected by the GoFi liquidity crisis linked to Genesis Global Capital in 2022. About $70 million has already been disbursed by the company to affected users, and the remaining payments will be made with recovered funds.
Gopax is expected to renew its banking partnership with Jeonbuk Bank and strengthen compliance under the 2025 Virtual Asset User Protection Act, 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 the approval. It also reflects growing confidence among Asian regulators in global exchanges that demonstrate compliance and transparency.
With Upbit currently controlling over 75% of the nation’s trading volume, Gopax’s return under Binance ownership is expected to increase competition. According to industry watchers, this could lessen regional price premiums and increase market liquidity in both Korea and other countries.
