Binance Rejoins South Korea’s Crypto Market with Gopax Acquisition
Binance has successfully acquired south Korea’s Gopax exchange,overcoming regulatory challenges that delayed the deal for over two years. This move allows Binance to re-enter the south Korean crypto market after a four-year hiatus.
On October 15,South Korea’s Financial Intelligence Unit (FIU) approved Binance’s executive change report for Gopax. The acquisition, which began in February 2023.
Regulatory approval was crucial.Binance faced scrutiny due to its $4.3 billion settlement with U.S. authorities in 2023 for anti-money laundering violations. however, Binance’s improved regulatory compliance, including settling U.S. cases in May 2025, helped secure the deal.
With this acquisition, Binance gains a direct presence in one of asia’s busiest crypto markets. Gopax, a licensed exchange with verified accounts, will now benefit from Binance’s advanced trading tools and operational support.
Binance’s backing will also help Gopax fully compensate users affected by the 2022 GoFi liquidity crisis. About $70 million has already been paid out, with the rest to follow using recovered funds.
Gopax is set to renew its banking partnership with Jeonbuk bank and enhance compliance under the 2025 Virtual Asset User Protection Act. This deal could encourage other global exchanges like coinbase and OKX to explore local partnerships in South Korea.
With Upbit dominating over 75% of the nation’s trading volume, Gopax’s return under Binance could boost competition, reduce regional price premiums, and increase market liquidity.
