Binance's Legal Wins Pave Way for South Korea Market Re-entry

South Korea's Financial Intelligence Unit (FIU) has resumed its review of Binance's acquisition of local crypto exchange Gopax after a two-year delay, signaling a potential re-entry for the world's largest cryptocurrency exchange into the South Korean market. The move, first reported by Newsis on October 14, 2025, indicates that regulatory concerns over Binance's compliance history may have eased following the resolution of U.S. legal disputesBinance closer to South Korea re-entry as FIU reopens Gopax …^[1]. Approval of the acquisition could come as early as year-end 2025, according to sources familiar with the processSouth Korea Resumes Review of Binance’s Gopax Acquisition …^[2].

The FIU's review centers on Gopax's executive change report, which effectively serves as a proxy for assessing Binance's suitability as a controlling shareholder. Under South Korean law, there is no distinct process for evaluating major shareholders of crypto exchanges, meaning the approval of Gopax's leadership changes is treated as equivalent to vetting Binance's qualificationsSouth Korea to Resume Binance’s Long-Pending Gopax Review^[3]. Binance and Gopax submitted the report in March 2023, but regulators halted the process over anti-money laundering (AML) concerns and Binance's ongoing U.S. legal battlesSouth Korea Resumes Review of Binance’s Gopax Acquisition …^[4].

Those hurdles included a $4.3 billion settlement with U.S. authorities in 2023 to resolve charges of unregistered operations and AML violationsBinance stresses compliance as it waits for regulatory approval in …^[5]. The resolution of these issues appears to have shifted the FIU's stance, with an unnamed financial industry official noting that the absence of active U.S. lawsuits against Binance reduces risks for Gopax's shareholdersSouth Korea’s Rapid Crypto Law Overhaul Driven by GENIUS Act …^[6]. Binance's CEO, Richard Teng, emphasized the exchange's compliance efforts during a recent visit to Seoul, highlighting a 23% workforce dedicated to compliance and regulatory approvals from 21 countriesBinance's Strategic Return: South Korea Review of Gopax …^[7].

The acquisition of Gopax was initially framed as a rescue mission in early 2023. At the time, Gopax faced a liquidity crisis after its DeFi partner, Genesis Global Capital, froze $47 million in customer funds tied to its GoFi productSouth Korea Resumes Review of Binance’s Gopax Acquisition After Two-Year Pause^[8]. Binance's investment of 67% in Gopax aimed to stabilize the exchange and restore user confidence. However, the deal's prolonged regulatory review led Binance to explore selling part of its stake to local firm Megazone in late 2024, though the transaction ultimately collapsedBinance's Path to Reentry in South Korea: Review of Gopax …^[9].

South Korea's broader crypto regulatory environment is also evolving. In August 2025, authorities ordered exchanges to suspend lending services until a formal framework is established, part of a wider push to balance innovation with investor protection. The government is also advancing legislation to approve spot crypto ETFs and develop a won-backed stablecoin framework.

If approved, Binance's re-entry would mark a significant shift for the South Korean market, which has long been a key battleground for global crypto firms. The FIU's favorable assessment of the Gopax deal suggests regulators are cautiously embracing international collaboration while maintaining strict AML standards. For Binance, a successful outcome would solidify its presence in a market with one of the world's highest crypto adoption rates.