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South Korean regulators have officially resumed the review of the Binance Gopax acquisition signaling renewed momentum for Binance’s long delayed re-entry into the country’s crypto market.
According to a Tuesday report from Newsis, the Financial Intelligence Unit (FIU) is now reviewing Gopax’s formal report on executive changes a process directly tied to Binance’s ownership stake. The Binance Gopax acquisition review is reportedly progressing favorably with potential approval expected as early as the end of 2025.
Under South Korean law, there is no distinct regulatory framework for evaluating the eligibility of major shareholders in cryptocurrency exchanges.
As a result, the FIU’s examination of Gopax’s executive changes effectively serves as a vetting process for Binance’s qualification as a controlling shareholder a key element in the Binance Gopax acquisition process.
Binance initially acquired a 67% stake in Gopax in February 2023 becoming its largest shareholder. The Binance Gopax acquisition was filed for approval shortly afterward but South Korean regulators froze the process in March 2023 over Anti-Money Laundering (AML) concerns.
The suspension coincided with Binance’s legal battles in the United States where the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) accused the company of AML violations and unregistered operations. Binance eventually reached a $4.3 billion settlement with U.S. authorities a move that appears to have eased South Korean regulators’ concerns surrounding the Binance Gopax acquisition according to Newsis.
Gopax is among the few South Korean exchanges authorized to facilitate cash to crypto transactions a status requiring strict KYC and AML compliance. The Binance Gopax acquisition was originally presented as a rescue mission following Gopax’s liquidity crisis in early 2023 which was triggered by its DeFi partner Genesis Global Capital freezing withdrawals tied to Gopax’s GoFi product.
After Genesis filed for Chapter 11 bankruptcy, roughly $47 million (₩56.6 billion) in user funds became inaccessible. Binance stepped in positioning the Binance Gopax acquisition as a means to restore user confidence and inject liquidity to compensate affected customers.
However, prolonged regulatory hurdles led Binance to explore selling part of its Gopax stake to local cloud provider Megazone in an effort to reduce its ownership share. The deal tied closely to the Binance Gopax acquisition, ultimately collapsed in late 2024 The Bell reported.
In August, South Korea’s financial regulator ordered local crypto exchanges to suspend all crypto lending services until a comprehensive framework is established. The move was part of a broader crackdown intended to curb risky lending practices while maintaining market stability a policy that indirectly influences the Binance Gopax acquisition outcome.
Despite these restrictions, South Korea continues to progress toward regulated crypto adoption. Authorities are preparing to approve the nation’s first spot crypto ETFs and developing a stablecoin framework pegged to the Korean won. These initiatives suggest that the environment surrounding the Binance Gopax acquisition could become more favorable over time.
Meanwhile, Dunamu the operator of South Korea’s largest crypto exchange, Upbit recently launched a custody service targeting institutional clients. The service secures digital assets in cold wallets fully insulated from online threats. This development underscores the country’s growing emphasis on security and compliance factors that may shape the long term success of the Binance Gopax acquisition.
