Binance returns to S. Korea after 5 years with Gopax acquisition

Binance returns to S. Korea after 5 years with Gopax acquisition

최초입력 2025.10.17 11:30:14

(Reuters/Yonhap)

The world’s largest cryptocurrency exchange, Binance, is officially returning to South Korea after completing its acquisition of local exchange Gopax, marking its first full-scale reentry into the market in five years. Binance’s comeback is expected to shake up the nation’s crypto industry, long dominated by the duopoly of Upbit and Bithumb.
According to the Financial Intelligence Unit (FIU) under the Financial Services Commission on Thursday, the regulator late Wednesday approved the management reshuffle at Gopax. Binance had exited South Korea in December 2020 but announced plans to return in February 2023 after acquiring a 67 percent stake in Gopax. A month later, the company filed a change-of-executives report to the FIU, which has now been approved roughly two and a half years later. Legal disputes involving Binance in the United States were cited as one of the causes for the delay.
The acquisition was valued at around 100 billion won ($70 million), though the actual payment to existing shareholders was estimated at about 30 billion won, as Binance agreed to cover Gopax’s outstanding debts as part of the deal.
Industry observers are closely watching how Binance’s presence might reshape South Korea’s crypto market, which is effectively monopolized by Upbit with a 60–70 percent share, followed by Bithumb with 20–30 percent. Investors expect the entry of Binance to bring global-standard services and lower transaction fees, leveraging its massive global scale — more than 290 million users worldwide — and liquidity unmatched by local competitors.
However, analysts caution that Binance’s smooth landing may face challenges. Integrating Gopax’s order book with Binance’s global system remains uncertain, as it requires regulatory approval. Even if approved, Binance’s key offerings such as futures and derivatives trading remain strictly prohibited in South Korea, leaving its spot-trading business with limited differentiation potential.
Another hurdle is securing partnerships with major domestic banks. Under South Korea’s anti-money laundering law, exchanges must provide real-name deposit and withdrawal accounts. Gopax currently partners with Jeonbuk Bank, but experts say Binance will need a large commercial bank partner to expand aggressively in the market.
Meanwhile, Binance is expected to accelerate compensation for victims of Gopax’s GOFi deposit service, which suffered massive losses when its operator went bankrupt in late 2022 following the FTX collapse.
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Binance returns to S. Korea after 5 years with Gopax acquisition

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