Binance’s Gopax acquisition review resumes in South Korea, bringing the exchange closer to re-entering the market after two years.
Binance is inching closer to re-entering the South Korean market. This is as the country’s Financial Intelligence Unit (FIU) resumes its review of the crypto exchange’s acquisition of local platform Gopax.
The review, which had been delayed for over two years, could pave the way for Binance’s return to South Korea after it ceased local operations in 2021. Additionally, the review could conclude as early as the end of 2025, with Binance’s acquisition of Gopax moving forward.
Binance’s Gopax Acquisition and Executive Change Report
Binance first became the largest shareholder of Gopax in February 2023, acquiring 67% of the company. This move came after Gopax faced a major crisis when customer funds worth $47 million were frozen by its DeFi partner, Genesis Global Capital, due to its bankruptcy.
Binance stepped in to assist by acquiring the majority stake in Gopax, to inject capital to repay affected customers.
South Korea resumes review of the Binance–Gopax deal, with the door to re-entry opening
South Korea’s Financial Intelligence Unit has reopened its examination of Gopax’s executive change filing, reviving a process that had been dormant for over two years and putting Binance’s… pic.twitter.com/7rz2fZRwaw
— ScalpingX (@ScalpingX) October 14, 2025
However, the approval process for the acquisition was delayed when South Korean regulators raised concerns about potential anti-money laundering risks.
In March 2023, Binance and Gopax submitted a formal report on executive changes as part of the acquisition process. The FIU’s review of this report is crucial to Binance’s future in the region.
The review assesses the qualifications of Binance as a major shareholder in Gopax, especially in light of past legal issues with U.S. regulators.
South Korean FIU Resumes Review of Gopax Deal
The FIU’s resumption of the review indicates a possible shift in the regulatory landscape, allowing Binance to move closer to completing the acquisition.
South Korea’s FIU has resumed reviewing @Binance’s acquisition of Gopax, with approval possible by late 2025.#SouthKorea #Binancehttps://t.co/u8LFTEl8d9
— Cryptonews.com (@cryptonews) October 14, 2025
South Korea’s FIU has resumed reviewing Local authorities had previously stalled the approval, citing concerns over Binance’s legal challenges, including its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC) and accusations of money laundering by the U.S. Department of Justice.
According to reports, the FIU is now reviewing the executive change report favorably. The move suggests that South Korean regulators are confident in Binance’s compliance. This follows the resolution of the issues in the U.S. The review could result in the approval of the Binance-Gopax deal as early as the end of 2025.
The Status of Gopax and Binance’s Role
Gopax remains one of South Korea’s five authorized crypto exchanges, holding a critical position in the country’s cryptocurrency market. Despite the setbacks, Gopax has continued to operate. Though its challenges during the Genesis Global Capital crisis left a lasting impact.
Binance’s involvement has been seen as a lifeline for the exchange, with the hope that Binance’s financial backing could stabilize the platform.
While Binance initially sought to reduce its stake in Gopax by selling shares to a local cloud provider, that deal fell through by late 2024. As it stands, Binance remains the largest shareholder in Gopax. Hence, the outcome of the current FIU review will determine the future of both companies in South Korea.
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