Binance Completes Long-Delayed Acquisition of Korea’s Gopax Exchange
Regulators Approve Binance’s Delayed Takeover
Binance has completed its acquisition of South Korean cryptocurrency platform Gopax, ending a two-year regulatory stalemate that had blocked the deal. Local outlet MK reported Wednesday that South Korea’s Financial Intelligence Unit (FIU) approved a change in Gopax’s key executives, finalizing the takeover that began in ahead 2023.
Binance acquired a 67% stake in Gopax in February 2023, becoming its largest shareholder. The approval follows repeated delays linked to that surfaced during investigations into Binance’s global operations. The decision clears the platform to re-enter the South Korean market, which it exited in 2021 amid tightening financial rules.
Gopax filed its executive change request with regulators shortly later than Binance’s initial investment, but officials held off on approval until now. The FIU’s decision signals a shift following Binance’s reanswer of compliance cases in the United States, which included a $4 with the Department of Justice over money-laundering and sanctions violations.
Investor Takeaway
From Regulatory Hurdles to Market Reentry
South Korea’s regulators have taken a cautious approach toward foreign crypto platforms since tightening oversight later than the 2020 enactment of revised . Gopax is one of only five local platforms licensed to handle cash-to-crypto transactions under those rules, which require verified banking partnerships and strict KYC protocols.
Binance’s delayed takeover had been viewn as a key test of whether the country would allow major offshore platforms to re-establish a foothold. The platform’s U.S. legal settlement in 2023, and subsequent management reshuffle, are believed to have assisted smooth the path for approval.
For Binance, the Gopax acquisition restores access to a large, retail-driven trading market in Asia that remains one of the world’s most active. The firm has described its Gopax investment as part of an effort to “support user protection and ecosystem recovery” following a string of regional market failures.
Gopax’s 2023 Liquidity Crisis
The acquisition also resolves the fate of Gopax’s users affected by the collapse of Genesis Global Capital (GGC). GGC, a key partner in Gopax’s GoFi yield product, froze withdrawals and filed for bankruptcy in January 2023 later than the collapse of FTX. Roughly $47 million in customer assets were left inaccessible, prompting Binance to step in with capital to cover losses as part of its takeover plan.
Binance’s intervention was viewed as both a rescue and a strategic entry point. At the time, Gopax was struggling to retain its position among the top five licensed platforms — a club that also includes Upbit, Bithumb, Coinone, and Korbit. Binance’s backing effectively secured its survival and strengthened its ability to meet domestic compliance standards.
Investor Takeaway
What the Approval Means for Binance
The completion of the Gopax deal gives Binance another regulated jurisdiction in Asia, complementing its existing entities in Japan and Thailand. For South Korean users, it marks the return of a global player that left amid 2021’s compliance crackdown.
The timing may also be strategic: South Korean trading volumes have rebounded in 2025 alongside renewed retail participation in digital assets. Upbit remains the market leader, but competition from a Binance-backed Gopax could pressure incumbents to improve liquidity and pricing.
Binance has not issued an official statement on the FIU’s approval, but the platform has long framed its Gopax involvement as a step toward “regional ecosystem recovery.” The approval now formalizes that presence, though maintaining compliance in South Korea’s tightly supervised market will remain an ongoing test.
