Binance’s Crypto Tango: Will South Korea Let Them Dance Again?

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Binance’s Gopax acquisition review resumes in South Korea, bringing the exchange closer to re-entering the market after two years.

 

Oh, what a curious tale we have here! Binance, that ever-dominating titan of cryptocurrency, seems to be inching ever closer to re-entering the South Korean market. It’s all happening because the nation’s very own Financial Intelligence Unit (FIU) has decided to dust off the files and resume their review of Binance’s acquisition of Gopax. Yes, you read that right-the review is back, like a forgotten treasure chest. And this means Binance’s hopes of setting foot in South Korea once more could be just around the corner. After two long years of absence, it seems the long-awaited return could happen by the end of 2025.

Binance’s Gopax Acquisition and Executive Change Report

Now, let’s rewind a bit, shall we? Binance first made waves in South Korea when it swooped in as the largest shareholder of Gopax in February 2023, buying a cool 67% of the company. The move came after Gopax had a bit of a meltdown, as customer funds worth a staggering $47 million were frozen by its DeFi partner, Genesis Global Capital, which had filed for bankruptcy. Binance, ever the knight in shining armor, stepped in and snatched up the majority stake in Gopax, hoping to inject some life into the sinking ship. If that’s not a plot twist worthy of a Hollywood movie, I don’t know what is.

South Korea resumes review of the Binance-Gopax deal, with the door to re-entry opening

South Korea’s Financial Intelligence Unit has reopened its examination of Gopax’s executive change filing, reviving a process that had been dormant for over two years and putting Binance’s…

– ScalpingX (@ScalpingX)

But, of course, not all things go smoothly in the world of high finance. The approval process hit a roadblock when South Korean regulators raised their eyebrows at Binance’s past dealings. Ah yes, the classic ‘potential anti-money laundering risks’ concern reared its ugly head. You know how it goes-when you’re a massive player like Binance, the regulators can’t help but scrutinize every move you make.

In March 2023, Binance and Gopax submitted their formal report about executive changes as part of the grand acquisition plan. And now, it’s all down to the FIU’s review. A review that holds the fate of Binance’s future in the region.

South Korean FIU Resumes Review of Gopax Deal

The FIU’s decision to pick up where they left off is a sign that the regulatory landscape might just be shifting. It’s like the door to re-entry has creaked open, and Binance is eyeing it like a cat with a laser pointer. Could approval come by late 2025? Who knows, but it’s looking more likely than ever.

South Korea’s FIU has resumed reviewing Binance’s acquisition of Gopax, with approval possible by late 2025.

– Cryptonews.com (@cryptonews)

Prior to this, local authorities had slammed the brakes on approval, citing some minor hiccups in Binance’s legal history. Namely, the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC) and a few accusations of money laundering by the U.S. Department of Justice. But hold your horses-reports now suggest that the FIU is actually reviewing the executive change report favorably. Could it be that South Korea is finally convinced Binance has cleaned up its act? Stay tuned, folks-this saga is far from over.

The Status of Gopax and Binance’s Role

As of now, Gopax remains one of South Korea’s five approved crypto exchanges, holding a pivotal role in the local market. Despite its troubles-thanks, Genesis Global Capital!-Gopax is still hanging in there. And Binance’s involvement has been nothing short of a lifeline for the platform. With Binance’s financial support, Gopax is hoping for a smoother ride ahead.

At one point, Binance considered offloading part of its stake to a local cloud provider, but that deal fell through by late 2024 (whoops!). So, for now, Binance remains the largest shareholder in Gopax, and the FIU’s decision will undoubtedly shape the future of both companies in South Korea.

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2025-10-14 17:54