Binance Secures Final Approval to Acquire Gopax, Marking Return to South Korea After Four Years

Binance, the world’s largest cryptocurrency exchange, has completed its acquisition of South Korean trading platform Gopax, signaling the company’s official return to the Korean market after a four-year hiatus.

According to an exclusive report by Maeil Business Newspaper on October 16, South Korea’s Financial Intelligence Unit (FIU), under the Financial Services Commission, approved Binance’s change-of-major-shareholder filing late Wednesday. The green light follows the conclusion of Binance’s legal battles with U.S. authorities and the FIU’s determination that Gopax’s revised business plan met domestic regulatory standards.

The approval is expected to expedite Gopax’s operational normalization and compensation process for victims of the exchange’s failed GOFi deposit program. It also reignites competition in South Korea’s crypto market, long dominated by Upbit (holding roughly 70% market share) and Bithumb (around 20%).

Gopax fell into crisis in late 2022 after its partner Genesis Trading collapsed, leaving GOFi users unable to withdraw funds. Binance stepped in February 2023, acquiring a 67% stake in Gopax as part of a rescue deal—its first move toward reentering the Korean market since exiting in 2021.

However, regulatory approval stalled for more than two years as the FIU raised concerns over Binance’s impact on South Korea’s anti-money laundering (AML) regime. At the time, Binance faced lawsuits from the U.S. Securities and Exchange Commission for allegedly operating an unregistered platform and mishandling customer funds. The company later agreed to pay a $4.3 billion settlement to the U.S. Treasury and Justice Department.

With those legal issues now resolved and U.S. regulators adopting a more crypto-friendly stance, Korean authorities have moved to close the review. Earlier this week, a financial regulator told local media outlet Newsis that “with Binance’s legal disputes in the U.S. now settled, risks tied to Gopax’s major shareholder have been removed,” adding that formal approval was expected “within the year.”

Industry observers see the decision as more than a simple acquisition. Binance’s re-entry could reshape the competitive landscape and elevate service standards in South Korea’s crypto market. The exchange’s global dominance—spanning over 400 listed tokens, massive liquidity, diverse product offerings, and trading fees as low as 0.01%—positions it as a formidable challenger.

During his recent visit to Seoul, Binance CEO Richard Teng underscored the company’s strengths in deep liquidity, narrow spreads, and a user base of nearly 290 million worldwide. Teng pledged to support South Korea’s ambitions to become a global crypto hub, promising additional investments and deeper engagement through Gopax once regulatory processes are complete.

“We respect the efforts of Korean exchanges to protect investors,” Teng said, adding that Binance remains committed to “learning from local culture and communication practices” as it integrates into the market.

The return of Binance—armed with vast resources, compliance lessons, and global clout—sets the stage for a reshaped crypto ecosystem in one of Asia’s most dynamic markets.