Binance has officially finalized its long-sought acquisition of Gopax, marking the crypto giant's return to the South Korean market after a two-and-a-half-year absence. The deal, which began in early 2023, was ultimately unlocked by the Financial Intelligence Unit (FIU) approving new executive appointments at Gopax, ending a significant regulatory hold-up.
With a 67% stake, Binance now controls one of the five officially registered crypto exchanges in South Korea. This strategic move is seen as a sign of enhanced compliance efforts following regulatory challenges and fines in other jurisdictions, including the US. The company is now operating under South Korea’s strict Virtual Asset User Protection Act, which imposes high standards for anti-money laundering, digital asset custody, and user compensation.
The acquisition is expected to significantly impact South Korea's digital finance landscape. While Upbit and Bithumb currently dominate the local market with a combined 95% of trading volume, the entry of a major global player like Binance is anticipated to increase competition and could encourage other global firms, such as Coinbase, to seek local licenses. All eyes are now on how effectively Binance can leverage Gopax to capture market share in South Korea's high-volume retail trading sector.
October 2025, Cryptoniteuae