
Binance has officially completed its long-awaited acquisition of South Korean crypto exchange Gopax, signaling the exchange’s full return to one of Asia’s most dynamic digital asset markets. The deal, which faced over two years of regulatory delays, was finalized after South Korea’s Financial Intelligence Unit (FIU) approved Binance’s executive change report on October 15.
Binance secures regulatory green light after lengthy review
The acquisition process began in February 2023, when Binance acquired a 67% stake in Gopax through its Industry Recovery Initiative. However, regulatory concerns—particularly related to Binance’s anti-money laundering (AML) compliance history—stalled final approval.
Following Binance’s $4.3 billion settlement with U.S. authorities in 2023 and subsequent compliance improvements, South Korean regulators revisited the proposal. With the company’s U.S. legal issues resolved in May 2025, the FIU finally granted approval, allowing Binance to complete its entry into the Korean market.
Gopax to integrate Binance’s global infrastructure
With the acquisition finalized, Gopax will begin integrating Binance’s trading technology, liquidity pools, and operational support. The partnership aims to boost Gopax’s competitiveness against Upbit, which currently dominates over 75% of South Korea’s crypto trading volume.
In addition, Binance’s resources will help Gopax compensate users affected by the GoFi liquidity crisis tied to Genesis Global Capital in 2022. Around $70 million has already been reimbursed, with the remaining funds to be repaid as more assets are recovered.
Gopax is also expected to renew its banking partnership with Jeonbuk Bank and enhance compliance under South Korea’s upcoming Virtual Asset User Protection Act, set to take effect in 2025. The act will introduce stricter rules around asset segregation, security, and disclosure for digital asset firms.
Strengthening Binance’s Asian footprint
Binance’s reentry into South Korea comes after it withdrew in 2021 due to tightening regulatory scrutiny. Its return marks a significant milestone as the company continues expanding across Asia, following recent licensing progress in Japan, Thailand, and India.
The approval may also inspire other global exchanges like Coinbase and OKX to seek local partnerships or acquisitions within South Korea’s fast-growing crypto sector.
Market impact and future outlook
Analysts believe Binance’s presence could increase market liquidity and reduce price premiums often seen in the Korean market, known as the “Kimchi Premium.” By leveraging Binance’s global ecosystem, Gopax could offer deeper order books and more competitive pricing for Korean traders.
The acquisition not only reinforces Binance’s status as a global crypto leader but also represents a broader shift toward regulatory collaboration and transparency in Asia’s digital asset markets.