Binance’s Korean Comeback: Crypto Drama, Kimchi, and $4.3B Oopsies 🍜💰

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Oh, look who’s knocking on South Korea’s door again-Binance, the crypto giant with more comebacks than a washed-up boy band. After a two-year hiatus that felt longer than a K-drama season finale, they’re finally *this close* to re-entering the Korean market. Why? Because they’ve been cozying up to Gopax, a local exchange, like a tourist at a kimchi stand-eager but slightly out of place. 🥢

According to Newsis (yes, that’s a real thing), South Korea’s Financial Intelligence Unit (FIU) is *finally* reviewing Gopax’s report on executive changes, which is basically code for “Binance now owns 67% of this place, so let’s see if they’ve stopped leaving their AML homework on the bus.” 📝🚨

The review, which had been on pause since early 2023 (probably because someone spilled coffee on the paperwork), is now moving forward. If the FIU gives the thumbs up, Binance could be back in Korea by 2025. That’s right-just in time for the next crypto crash! 🎉💸

A Regulatory Turning Point (or Just Another Bureaucratic Snooze Fest)

Here’s the kicker: South Korea doesn’t have a separate process to vet major shareholders in crypto exchanges. So, the FIU’s review is basically a “Are you even trying?” quiz for Binance. Spoiler alert: they’re trying, but with the grace of a penguin on roller skates. 🐧🛼

Binance bought a majority stake in Gopax back in February 2023, right after Gopax had a little liquidity oopsie thanks to Genesis Global Capital’s bankruptcy. Because nothing says “rescue mission” like a crypto exchange buying another crypto exchange in distress. 🚑💸

Of course, the FIU review stalled when the SEC and DOJ in the U.S. started waving their fingers at Binance for allegedly playing fast and loose with AML laws. The result? A $4.3 billion settlement-the crypto equivalent of “Sorry, we’ll do better.” 🤷♂️💳

South Koreans: Still Obsessed with Crypto (and Leveraged ETFs)

Meanwhile, South Korean investors are still throwing money at crypto like it’s confetti at a K-pop concert. During the Chuseok holiday, they dumped $1.24 billion into U.S. tech and crypto stocks. Because nothing says “family reunion” like betting on Bitcoin mining companies. 🌕📈

Top picks included leveraged ETFs tied to Tesla (because electric cars and crypto go together like kimchi and spam) and mining companies like Iris Energy Ltd. and Bitmine Immersion Technologies Inc. Investors also scooped up $105 million in Iris shares, $96 million in Tesla, and $100 million in Meta. Because why not? 🤑🚀

The T-REX 2X Long BMNR Daily Target ETF saw $95 million in net buys, proving that South Koreans will gamble on anything with “crypto” in the name. Next up: a leveraged ETF tied to the number of times Binance apologizes in 2025. Place your bets now! 🎲💥

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2025-10-14 14:50