Binance Is About to Return to South Korea: Regulatory Agency Resumes Review of Gopax Acquisition

The Financial Intelligence Unit of South Korea (FIU) has resumed the review process for Binance's acquisition of the Gopax exchange, paving the way for Binance's potential re-entry into the South Korean market by the end of 2025 after more than two years of stagnation. Gopax is one of only five exchanges in South Korea licensed to operate, thanks to strict compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) standards. #Korea

Rescue Gopax and Binance's Legal Quagmire

This deal stems from the crisis of 2023 when Gopax faced difficulties after the bankruptcy of its partner Genesis Global Capital, causing $47 million USD of user funds to be frozen. Binance intervened by acquiring 67% of Gopax's shares to inject capital to refund customers.

However, the deal has been delayed due to Binance being caught in a major legal quagmire in the U.S., including a lawsuit from the SEC and a historic $4.3 billion USD fine for violating anti-money laundering laws. Now, after these legal issues have been clarified and settled, the FIU is proceeding to reassess the acquisition with a positive attitude again. This move indicates that Binance is making efforts to re-establish its position in tightly regulated markets like South Korea. #Binance