Binance's Path to Reentry in South Korea: Review of Gopax Acquisition Resumes

Binance's Path to Reentry in South Korea: Review of Gopax Acquisition Resumes

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by Nguyen Van Long

a year ago

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In a significant development for the cryptocurrency landscape in South Korea, financial authorities have resumed their review of Binance's long-awaited acquisition of local exchange Gopax. This move suggests that Binance may soon reestablish its presence in the South Korean market after a two-year hiatus, as The source reports that the regulatory environment is becoming more favorable for such transactions.

FIU Resumes Examination of Gopax's Executive Change Report

The Korea Financial Intelligence Unit (FIU) has restarted its examination of Gopax's executive change report, a critical step toward the formal approval of Binance's majority ownership. This review had been stalled since 2023 due to regulatory concerns surrounding Binance's adherence to anti-money laundering laws and ongoing legal challenges in the United States.

Potential Approval and Market Re-entry

With the recent resolution of these legal issues, including the dismissal of a lawsuit by the US SEC, the FIU seems more favorable towards approving the acquisition. If the FIU grants final approval, Binance could officially re-enter South Korea's crypto market by the end of 2025, marking a significant comeback since it ceased local operations in 2021.

In a related development, Binance has announced its support for the upcoming upgrade of the Terra Classic LUNC network, which aims to enhance performance and security. For more details, see read more.

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