South Korea Resumes Binance Gopax Review After US Legal Wrap-Up

South Korea's Financial Intelligence Unit (FIU) has restarted its evaluation of Binance's long-stalled acquisition of local cryptocurrency exchange Gopax, signaling a potential return for the global crypto leader to one of Asia's most active markets. The review, paused for over two years due to regulatory and legal concerns, is now progressing favorably, with approval possibly arriving by late 2025 .

The deal, initially announced in February 2023, saw Binance acquire a 67% stake in Gopax to stabilize the exchange after a liquidity crisis tied to its DeFi partner, Genesis Global Capital. The crisis left $47 million in customer funds frozen, prompting Binance's intervention to inject capital and restore trust . However, the approval process was delayed as South Korean regulators scrutinized Binance's U.S. legal troubles, including a $4.3 billion settlement with the U.S. Department of Justice and the SEC .

The regulatory landscape shifted this year as U.S. authorities closed their cases against Binance. The SEC dropped its lawsuit in May 2025, and the Department of Justice finalized its resolution following penalty payments. With these legal risks mitigated, the FIU has resumed its review, focusing 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 .

South Korea's regulatory framework lacks a direct mechanism for evaluating major shareholders in crypto exchanges, making the executive change review a critical gateway. Industry officials note that Binance's U.S. compliance improvements have bolstered confidence, with one anonymous source stating, "The risk of Binance as a major shareholder has disappeared" . If approved, the move would allow Binance to re-enter the market it exited in 2021, leveraging Gopax's existing infrastructure to rebuild KRW on-ramps and expand local operations .

The decision also aligns with South Korea's broader regulatory shifts, including the suspension of crypto lending services and plans for the first spot crypto ETFs. Authorities are balancing tighter oversight with efforts to attract compliant global players, a strategy reflected in Gopax's role as one of five licensed exchanges authorized for cash-to-crypto transactions .

For Binance, a successful outcome would mark a strategic comeback in a market where it once dominated trading volume. The company has already explored partnerships to meet local ownership requirements, including a failed attempt to sell part of its Gopax stake to local firm Megazone in late 2024 . Now, with regulatory hurdles easing, Binance's return could reshape South Korea's crypto landscape, offering enhanced liquidity and products while navigating the country's stringent anti-money laundering (AML) and know-your-customer (KYC) standards .

The FIU's decision, expected by year-end, will serve as a benchmark for how international crypto firms navigate South Korea's evolving regulatory environment. Analysts view the case as a test of the nation's willingness to integrate global players while maintaining financial integrity.

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[1] Binance Edges Closer to South Korea Return as FIU Resumes ... (https://finance.yahoo.com/news/binance-edges-closer-south-korea-133215616.html)

[2] Binance Nears Korea Return as FIU Reviews GOPAX Deal (https://coinedition.com/binance-gopax-review-korea-approval-2025/)

[3] Binance closer to South Korea re-entry as FIU reopens Gopax ... (https://www.theblock.co/post/374486/binance-south-korea-gopax-review)

[4] South Korea's FIU resumes review of GOPAX-Binance acquisition (https://www.cryptopolitan.com/south-koreas-fiu-resumes-review/)

[5] South Korea's FIU Reopens Door for Binance's Comeback: Report (https://cryptotale.org/south-koreas-fiu-reopens-door-for-binances-comeback-report/)

[6] Binance nears return to South Korea as regulators revisit Gopax ... (https://coinjournal.net/news/binance-nears-return-to-south-korea-as-regulators-revisit-gopax-stake-review/)

[7] South Korea Resumes Review of Binance's Gopax Acquisition ... (https://cryptorank.io/news/feed/3ec0a-south-korea-resumes-review-of-binances-gopax-acquisition-after-two-year-pause)

[8] Binance Eyes Full Re-Entry into South Korea Following Gopax (https://coinpedia.org/news/binance-eyes-full-re-entry-into-south-korea-following-gopax-executive-review/)

[9] Binance's Gopax Acquisition Nears Approval as South Korea ... (https://crypto2community.com/crypto-news/binances-gopax-acquisition-nears-approval-as-south-korea-reopens-review/)