Binance’s Gopax Acquisition Nears Approval as South Korea Reopens Review

Highlights:

• FIU has resumed review of Binance’s Gopax acquisition after a two-year delay.
• Approval could allow Binance’s return to South Korea by the end of 2025.
• U.S. legal settlements improve Binance’s global compliance outlook.

The review of Binance’s Gopax acquisition by South Korean authorities has resumed, indicating progress after having been frozen for two years. The local media report states that the Financial Intelligence Unit (FIU) resumes its review of the executive change report of the exchange that had stalled since early 2023.

In February 2023, Binance became the largest shareholder in Gopax after it bought 67% of the company. One month later, the company sent the necessary report to the FIU, and no response was received. Authorities were reluctant because Binance had legal issues abroad, especially in the United States. Those issues raised questions about the anti-money laundering compliance and international supervision of the firm.

Circumstances have, however, shifted. The move by the FIU to resume the review indicates increased confidence in the regulatory efforts made by Binance. According to sources in the financial sector, approval might come before the end of the year.

South Korea’s FIU has resumed its review of Binance’s acquisition of local exchange Gopax after a two-year pause, signaling progress toward Binance’s return to the Korean market. The FIU is reportedly reviewing Gopax’s executive change filing favorably, with approval possible by…

— Wu Blockchain (@WuBlockchain) October 14, 2025

Regulatory Barriers and U.S. Influence

This delay in approval was mainly based on the legal struggles that Binance faced in the U.S. In mid-2023, the U.S. Securities and Exchange Commission charged the exchange with providing unregistered services and mishandling customer funds. Additionally, the Department of Justice and the Treasury accused Binance of breaking anti-money laundering regulations.

To settle those issues, Binance had to pay a hefty fine of $4.3 billion. The move assisted in sealing one of the largest compliance cases in crypto history. In May 2025, the SEC dismissed its case against Binance and its founder, Changpeng Zhao, due to the positive internal controls and cooperation.

Huge win for crypto today. The SEC’s case against us is dismissed.
Thank you to Chairman Atkins & the Trump team for pushing back against regulation by enforcement. U.S. innovation is back on track – and it’s just the beginning.

— Binance (@binance) May 29, 2025

These developments seem to have alleviated concerns among South Korean regulators. Binance’s Gopax acquisition is now under positive review at the FIU, according to the officials in the financial industry. Though technically, the executive report is related to leadership changes, it also serves as a test of the appropriateness of Binance as a major shareholder.

According to one source, the report has been treated on the same level as the qualification reviews applied to major financial companies. With the U.S. legal issues fully resolved, there is a growing expectation that the FIU might finalize the review within a few months.

Binance’s Path to South Korean Market Re-Entry

Should it be approved, Binance could re-enter the South Korean market by the end of 2025. This would be the first formal reentry of the exchange into the market since it closed its local operations in 2021. The move also aligns with the changing attitude of South Korea towards digital assets, balancing between stricter control and more definite rules.

This strategy is centralized around Gopax, the 5th-largest exchange in South Korea. Moreover, it was one of the few platforms that was authorized to deal with cash-to-crypto transactions. It, however, encountered liquidity issues after the bankruptcy of Genesis Global Capital early in 2023. Binance’s Gopax acquisition was to reinstate investor confidence and stabilize user assets attached to that collapse.

Furthermore, the review is now being viewed as a chance to review the domestic role of the exchange under better conditions by the authorities. South Korea does not have a formal shareholder evaluation system for crypto exchange shareholders. However, the assessment of the FIU is an indirect measure of market eligibility.

Authorities recently encouraged institutional involvement and are planning to permit spot crypto ETFs. Meanwhile, they have also implemented stricter regulations, such as temporarily halting crypto lending services as a measure to eliminate risky behavior.