Quick Breakdown
- Binance finalizes acquisition of South Korean crypto exchange GOPAX after two-year regulatory delay.
- Financial authorities approve executive changes following Binance’s $4.3B U.S. settlement.
- The move signals Binance’s renewed push into Asia amid easing global regulatory pressures.
Binance has officially completed its acquisition of GOPAX, a South Korea-based virtual asset exchange, following more than two years of regulatory delays. The approval comes as Binance resolves key legal and compliance issues in the United States, which had previously hindered the transaction.
🇰🇷 Binance Completes Gopax Acquisition — Reentering South Korea
Binance has officially completed its acquisition of Gopax, marking a major step in its return to the South Korean crypto market — one of Asia’s most dynamic and regulated ecosystems.
After a long regulatory review… pic.twitter.com/zZme7dA1N2
— Anh Ba Channel (@anhbachannel) October 16, 2025
Regulatory approval finally granted after two-year delay
According to reports from South Korea’s virtual asset industry on October 16, financial authorities granted approval for GOPAX’s executive changes late last night, effectively finalizing the acquisition process. Binance initially acquired a 67% stake in GOPAX in February 2023, becoming its majority shareholder. However, progress stalled after the Financial Intelligence Unit (FIU) received an executive change report in March 2023, which remained pending for over two years.
Regulators were cautious about approving the deal due to concerns over Binance’s compliance record and its potential impact on South Korea’s anti-money laundering (AML) framework. The hesitation was heightened after Binance was sued by the U.S. Securities and Exchange Commission (SEC) in June 2023 for allegedly offering unregistered services to U.S. clients and misusing customer funds. The firm was also fined $4.3 billion by the U.S. Treasury and Department of Justice for AML violations.
Authorities scrutinized Binance’s eligibility for Korean market entry
While South Korean law does not require a separate review of major shareholders in virtual asset exchanges, all executives and corporate representatives must report to the FIU and meet specific legal standards. These include restrictions on individuals convicted under the Capital Markets Act, Foreign Exchange Transactions Act, or laws related to money laundering and terrorist financing.
Based on these provisions, regulators conducted a comprehensive examination of Binance’s eligibility before approving its entry into the Korean market.
In a recent development, Binance confirmed plans to list Recall (RECALL), a decentralized marketplace token, on its Binance Alpha and Binance Futures platforms. Trading is set to begin on October 15, 2025, making Binance the first exchange to list the asset.
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