Exchange
|2 min ReadBinance completes Gopax deal, clearing path for South Korea return
Maya Chen
Senior Analyst
Published
Jan 16, 2026
Regulators sign off after long delay
Binance has completed its acquisition of South Korean crypto exchange Gopax, according to local outlet MK, marking a key step toward a full comeback in one of Asia’s most competitive markets. On Wednesday, South Korea’s Financial Intelligence Unit approved changes to Gopax’s key executives after more than two years of delay, MK reported. Gopax first filed for the executive change in February 2023, when Binance bought a 67% majority stake.
Authorities had held off on blessing the takeover, citing potential anti-money laundering risks. The fresh approval signals regulators are satisfied, opening the door for Binance to re-enter South Korea after shutting local operations in 2021. The Block has reached out to Binance for comment.
Compliance clouds lift after U.S. cases
The timing matters. In June 2023, the U.S. Securities and Exchange Commission sued Binance for illegally offering services stateside, and the Department of Justice alleged money laundering violations. Those cases led to $4.3 billion in penalties. Local media suggest the FIU’s nod was influenced by the resolution of those U.S. compliance issues. It’s a big, very big checkpoint for a company seeking to turn the page.
Why Gopax and why now
Gopax is one of five Korean exchanges authorized to handle cash-to-crypto transactions, a status reserved for platforms that meet strict KYC and AML standards. That license is the prize. But Gopax also brings baggage. In 2023, its DeFi partner Genesis Global Capital froze customer funds tied to Gopax’s GoFi product, then filed for Chapter 11 after the FTX collapse. Roughly $47 million in GoFi customer assets were frozen, according to local estimates.
The crisis pushed Binance to step in with a majority stake in February 2023 and a promise to inject capital to help repay affected users. Wednesday’s approval suggests the rebuild can accelerate. For Binance, the deal offers a compliant gateway back into a market it exited four years ago. For Korea’s users, it promises stronger capitalization and a deeper product stack under a global operator. If execution matches the ambition, the comeback could be tremendous.
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