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Authorities approve Binance's acquisition of Korean crypto exchange

Published: 17 Oct. 2025, 08:01

Richard Teng, the CEO of Binance, is seen during an interview with Yonhap News Agency in this file photo taken on Sept. 9. [YONHAP]

Binance, the world's leading cryptocurrency exchange, has finalized its acquisition of a Korean crypto exchange, authorities said on Thursday, taking its first step to enter the local digital assets market.

The Korea Financial Intelligence Unit, under the Financial Services Commission, has approved Binance's acquisition of GOPAX on Wednesday, according to the authorities.

GOPAX is the fifth-largest crypto exchange in Korea.

Binance had sought entry into Korea by acquiring a majority stake in GOPAX in 2023, but its plan stalled due to delays in legal procedures, including local authorities' processing of executive change notifications.

Korean crypto exchanges are not subject to an eligibility review of their major shareholders, but they are required to report their list of executives to the financial authorities, who then can decide whether to approve the report.

The acquisition is expected to speed up payment of compensation to victims of GOFi, a yield-generating deposit product operated by GOPAX.

The service became problematic after its operator, Genesis Global Capital, went insolvent, effectively freezing customer deposits. Binance had agreed to address outstanding debts related to GOFi during its acquisition deal.

Yonhap