- Binance completes Gopax deal and returns to South Korea after a two-year regulatory delay.
- Gopax users receive compensation support as Binance brings global tools and liquidity to the local exchange.
- Binance re-entry could shift South Korea’s crypto market as Upbit faces new competition from Gopax.
Binance has completed its acquisition of Gopax, marking its official return to South Korea’s crypto market. The deal, delayed for over two years, received final regulatory approval on October 15. South Korea’s Financial Intelligence Unit cleared Binance’s executive change report, enabling the final steps of the acquisition.
The process began in February 2023 when Binance acquired a 67% stake in Gopax. This was done through its Industry Recovery Initiative. Regulators had paused the deal due to Binance’s compliance history. This was of concern due to its settlement with the U.S. authorities of $4.3 billion in 2023.
In 2025, Binance resolved outstanding cases in the U.S., which enhanced its regulatory image. This assisted in getting over the compliance issues of South Korea and moved the deal forward. In 2021, Binance exited the South Korean market due to the strict laws. In 2024, Binance announced plans to sell 72.6% of GOPAX to MegaZone, reducing its stake to around 10%, to meet regulatory requirements.
Gopax Integration and User Compensation
Gopax now gains access to Binance’s global liquidity, trading tools, and operational support. The local exchange offers verified, real-name accounts and holds a license to operate in South Korea.
Binance’s involvement also supports ongoing compensation efforts for users affected by Gopax’s GoFi service. The liquidity crisis was linked to Genesis Global Capital in 2022. Gopax has already returned $70 million to impacted users. Remaining compensation will follow as funds are recovered.
The exchange is working to renew its banking partnership with Jeonbuk Bank. This move will help meet compliance obligations under the 2025 Virtual Asset User Protection Act. The law enforces tighter asset segregation and reporting rules.
Competitive Shift in Local Market
Binance’s return is expected to reshape South Korea’s crypto market. Upbit currently holds over 75% of the nation’s trading volume. With Binance backing Gopax, competition could increase significantly.
Industry analysts predict a more equal market. Greater liquidity and fewer price gaps between countries may follow. The approval may also attract other global exchanges. Companies like Coinbase and OKX might explore partnerships or entry into the region.
South Korea’s market is among the largest for digital assets. It continues to attract global firms due to its strong tech talent and active startup ecosystem.
Strategic Importance for Binance
The South Korean expansion aligns with Binance’s global strategy. It is based on the recent trends in Japan, Vietnam, and China. These are investments, joint and educational projects based on the community.
With this acquisition complete, Binance now strengthens its presence in Asia. Gopax ranks among the top five exchanges in South Korea, offering a strong base for local operations.
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