Global cryptocurrency exchange Binance is moving swiftly to re-enter the Korean market after completing its acquisition of local exchange Gopax. Following final approval from the Financial Intelligence Unit (FIU), Binance has begun recruiting staff in Seoul, marking the start of its formal local operations.
The latest hiring targets experienced professionals in finance. According to the job posting, the role involves managing cash flow, supporting banking transactions, and overseeing liquidity reporting. Applicants must be fluent in both Korean and English—signaling Binance’s intention to establish a full-scale financial and compliance framework within its Korean entity rather than relying solely on offshore coordination.
The acquisition of Gopax came after lengthy negotiations that began last year. Gopax had suffered significant losses in the aftermath of the Terra-Luna collapse in 2022, leading to capital erosion and delays in customer withdrawals. Binance secured roughly a 67% stake in the exchange, and regulators approved the deal under the conditions of leadership restructuring and stronger customer fund-protection measures.
Gopax is now introducing Binance’s global compliance and anti-money-laundering (AML) systems, aiming to restore market confidence. There are also discussions about the establishment of “Binance Korea,” a separate local entity designed to ensure greater autonomy and adherence to domestic regulations.
Challenges, however, remain. Korean law currently restricts foreign exchanges from sharing order books with global platforms, and services such as derivatives or margin trading—core offerings of Binance—cannot yet be introduced under existing regulations. Moreover, domestic giants Upbit and Bithumb command over 90% of the market, leaving limited room for new entrants unless they bring a clear differentiating edge.
Still, Binance’s actions underscore its determination to build a lasting foothold in Korea. Rather than a symbolic presence through Gopax, the company appears to be constructing a direct, long-term foundation by hiring local talent and establishing an independent structure. With its global scale and capital strength, Binance could emerge as a key catalyst reshaping the balance of Korea’s digital-asset ecosystem.
