After the long anticipation for two years, Binance officially entered South Korea with its acquisition of GOPAX, a crypto exchange. It received final approval from South Korea’s Financial Intelligence Unit (FIU) on Wednesday. This is the first time Binance has stepped into the country since 2021.
Binance Acquisition of Gopax
The approval allows Binance to hold the majority of control of GOPAX and allows it to restart operations in South Korea after four years. The country benefits from this deal as Binance’s global resources and operational experience will further push the competitiveness of the crypto landscape in South Korea. It will bring innovation, while modernizing finance.
In return, Binance will be able to re-establish its presence in the Asian market without any barriers. This successful acquisition of GOPAX represents a significant strategic re-entry into one of the largest and evolving Asian markets. It positions Binance as a major competitor of South Korea’s local exchanges like Bithumb and Upbit.
Why Was Binance Stalled in South Korea
In February 2023, Binance purchased a 67% stake in Gopax, but the deal was withheld for two years amid Binance’s legal troubles in the US. Moreover, due to concerns about regulatory scrutiny, particularly around anti-money laundering compliance, the FIU had halted the approval.
Then, in June 2023, the company faced a lawsuit filed by the US Securities and Exchange Commission (SEC) over providing unregistered services to American users. The agency also accused Binance of misusing customer funds. To resolve all these issues, Binance replaced its CEO, Changpeng Zhao, in November. Since then, the company started a clean slate with the US authorities.
Looking Ahead
On October 17, 2025, Binance Alpha, a specialized Binance platform featuring emerging digital assets, will be the first platform to launch the airdrops for the tokens ANOME (ANOME) and SubHub (SUBHUB). It said that eligible users can claim their airdrop using Binance Alpha points once the trading begins.
The airdrop and trading on Binance Alpha provide users with early exposure to innovative tokens, while Binance benefits by attracting active users to the platform.
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