Binance has officially completed its long-delayed acquisition of South Korean cryptocurrency exchange Gopax, signaling the company’s full return to one of Asia’s most active digital asset markets.
According to a report from local outlet MK, South Korea’s Financial Intelligence Unit (FIU) approved the appointment of new key executives at Gopax on Wednesday, effectively finalizing Binance’s takeover. The move comes more than two years after the process began, following regulatory delays tied to anti-money laundering (AML) concerns.
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Binance first acquired a 67% majority stake in Gopax in February 2023, pending regulatory approval. The green light from the FIU now confirms the acquisition’s completion—an important milestone for Binance as it seeks to re-establish operations in South Korea after exiting the market in 2021.
The approval reportedly comes after Binance resolved several compliance issues with U.S. authorities. In 2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit accusing Binance of offering unregistered services, while the Department of Justice (DOJ) alleged money laundering violations. Binance later reached a settlement totaling $4.3 billion in penalties, addressing those charges.
Industry observers suggest that South Korean regulators may have taken this resolution into account when granting the final approval.
Gopax holds a key position in South Korea’s crypto landscape as one of only five exchanges authorized to offer cash-to-crypto transactions, a status reserved for firms that meet stringent Know-Your-Customer (KYC) and AML standards.
The exchange, however, has faced significant challenges. In early 2023, Gopax suffered a withdrawal crisis after its decentralized finance partner, Genesis Global Capital (GGC), froze customer funds linked to the GoFi deposit product. GGC’s decision followed its own financial troubles and subsequent Chapter 11 bankruptcy filing after the collapse of FTX. Around $47 million (approximately 56.6 billion Korean won) in customer assets were affected.
Binance’s acquisition was partly motivated by the goal of stabilizing Gopax and helping repay users impacted by the GoFi crisis.
With regulatory hurdles now cleared, Binance appears set to re-enter South Korea’s tightly regulated crypto market with renewed focus on compliance and transparency. The move could strengthen Binance’s foothold in Asia, a region where retail and institutional demand for digital assets remains robust.
