Key highlight:
1. South Korea’s Financial Intelligence Unit (FIU) has resumed its review of Binance’s acquisition of local exchange Gopax after a two-year pause.
2. The move follows Binance’s resolution of major US legal cases.
3. If cleared, the decision would mark Binance’s official return to the South Korean market .
South Korea’s financial regulatory body has resumed its review of Binance’s long-pending acquisition of local crypto exchange Gopax. The move symbolizes a potential green light for the world’s largest exchange to re-enter the Korean market.
South Korea Resumes Binance’s Acquisition of Gopax
After nearly two years of delay, the Financial Intelligence Unit (FIU) has restarted its examination of Gopax’s executive change report, a key step required to finalize Binance’s 67% stake acquisition. The review, which had been on hold due to Binance’s legal challenges in the United States, is reportedly being viewed favorably, with approval expected by the end of this year.
Binance first acquired a majority stake in Gopax in February 2023, making it the fifth-largest crypto exchange in South Korea by market share. The following month, Binance filed an “Executive Change Report” with the FIU to register new leadership linked to its acquisition.
However, the review quickly stalled. Authorities cited concerns over potential risks to South Korea’s anti-money laundering (AML) framework, especially as Binance faced intense review from US regulators. In June 2023, the US Securities and Exchange Commission (SEC) sued Binance for allegedly offering unregistered securities and misusing customer funds. Later that year, the exchange also faced charges from the US Department of Justice (DOJ) and Treasury Department for AML violations, eventually resulting in a $4.3 billion settlement.
Because of these issues, Korea’s FIU took a cautious stance. Officials wanted to ensure that Binance’s involvement would not compromise the domestic financial system or its AML compliance standards. As a result, the executive report remained unprocessed for over two years.
Shifting Sentiment as US Cases Settle
Now, the South Korean regulatory mood appears to be shifting. Binance’s settlement of its US cases and the withdrawal of major lawsuits have significantly eased global concerns surrounding the exchange. Earlier this year, the SEC dropped its lawsuit against Binance and founder Changpeng Zhao, and cleared one of the biggest obstacles to its international expansion.
Korean financial authorities are reportedly viewing these developments as a sign of stabilization. According to officials familiar with the matter, the FIU’s resumed review is being “favorably considered,” and the executive change report could be approved by year-end.
A financial industry insider explained, “Although executive change filings are generally procedural, in this case, the FIU treated it as a de facto eligibility review of Binance as a major shareholder. With the legal risks in the US now resolved, the concerns around Binance’s control of Gopax have diminished.”
Interestingly, South Korean law does not explicitly outline a screening process for major shareholders in crypto exchanges. The FIU typically only reviews executives or representatives of registered virtual asset businesses. Still, in Binance’s case, the process has been handled with the same level of scrutiny as a financial institution’s shareholder vetting.
The key regulatory concern, whether Binance’s leadership or entities were subject to penalties under laws related to foreign exchange, capital markets, or criminal proceeds, now seems largely resolved.
Analysts believe that once the executive change report is cleared, Binance will effectively complete its acquisition of Gopax and mark its formal return to the South Korean market, one of Asia’s most active crypto hubs.
For Binance, this move represents both a comeback and a strategic foothold in a highly regulated market. South Korea has one of the world’s most vibrant crypto ecosystems, with strict regulation standards and a strong retail user base.
“Once the FIU’s approval comes through, Binance will not only reestablish its presence but also signal that regulatory tides are turning in its favor,” said a Seoul-based crypto analyst.
If approved, the decision will mark the end of a prolonged period of uncertainty for both Binance and Gopax. It will also indicate that South Korean regulators are willing to engage global crypto giants under stricter, more transparent oversight.
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