Global cryptocurrency exchange Binance has officially returned to the Korean market after two and a half years. The Financial Intelligence Unit (FIU) of South Korea recently approved the change in major shareholders of GOPAX, effectively finalizing the long-delayed acquisition.
Binance initially acquired approximately 72% of GOPAX’s shares in February 2023, securing management control. However, the approval process was delayed as regulators reviewed the company’s global corporate structure and anti-money-laundering (AML) compliance. The recent approval signals that Binance’s revised governance plan and board restructuring have met the domestic requirements.
GOPAX had previously faced a severe trust crisis due to losses linked to its deposit product “GOFi,” which was tied to Genesis. Investor losses were estimated at around 70 billion won. As part of the acquisition process, Binance proposed to partially compensate for these debts, a key factor considered by regulators in their final decision.
Binance’s re-entry into Korea is expected to reshape a market long dominated by Upbit and Bithumb. As liquidity competition among exchanges intensifies, Binance’s access to a KRW market through GOPAX could narrow global price gaps and redirect domestic capital flows.
However, direct integration between Binance’s global order book and GOPAX remains restricted under Korean law. For now, Binance is likely to focus on restoring trust and normalizing services rather than expanding immediate trading volume. Meanwhile, authorities are reportedly reviewing a plan that could reduce Binance’s 72% stake to around 10% to improve ownership transparency.
Following the approval, GOPAX announced that it would strengthen AML and KYC procedures, ensure full-name verification of all deposit assets, and establish transparent financial reporting. Industry observers view Binance’s comeback as more than a simple acquisition—it may accelerate the globalization and regulatory refinement of Korea’s digital asset market.
