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Binance has formally returned to South Korea after regulators approved its takeover of local exchange Gopax, a move that ends a long period of uncertainty over the deal and clears the way for the global firm to operate in one of Asia’s biggest crypto markets.
Binance Secures Regulatory Sign-Off
Based on reports, South Korea’s Financial Intelligence Unit approved the change of major shareholder on October 15, 2025. The deal gives Binance control of a majority stake it first bought in February 2023 — a 67% holding — which had been held up by what turned into a near two-year regulatory review.
The purchase was originally framed as a way to stabilize Gopax after the exchange ran into trouble tied to its GoFi product and fallout from the collapse of a US counterpart. For users who had limited access to funds, the takeover was presented as a fix to help restore withdrawals and overdue interest payments.
What The Approval Means For Gopax And Users
Reports have disclosed that the FIU’s decision came after regulators reviewed Gopax’s revised business plan and Binance’s responses to anti-money-laundering concerns.
The US regulatory action against Binance, including a reported $4.3 billion settlement over past compliance failures, was cited by local officials as a factor that had to be considered during the review.
With the approval, Gopax is expected to move more quickly to rebuild customer confidence and to meet domestic rules that apply to exchanges operating in South Korea.
Total crypto market cap currently at $3.72 trillion. Chart: TradingView
Market Reaction And Competition
Local exchanges are watching closely. Upbit and Bithumb dominate trading volume in South Korea, and both will likely compete harder on fees and services now that a Binance-backed platform is officially back.
Traders reacted with a mix of caution and interest. Some investors said they welcome added choice. Others said they plan to wait and see how Gopax implements corporate governance and compliance steps before moving funds.
Why It Took Time
Reports show the approval process dragged on because regulators were focused on governance, executive changes, and how funds and KYC systems would be handled under Binance’s control.
The gap between the initial purchase in February 2023 and the October 2025 sign-off stretched over more than two years. That delay reflected both local caution and the broader scrutiny Binance has faced in multiple countries.
Next Steps And Oversight
According to officials familiar with the matter, Gopax will now need to implement the specific compliance measures it pledged to regulators. The exchange will be monitored, and further checks could be applied as part of ongoing oversight.
Featured image from Money, chart from TradingView
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