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| ▲ Richard Teng, chief executive officer (CEO) of Binance, is seen during an interview with Yonhap News Agency, in this file photo taken on Sept. 9, 2025. (Yonhap) |
Binance-acquisition
Authorities approve Binance's acquisition of S. Korean crypto exchange
SEOUL, Oct. 16 (Yonhap) -- Binance, the world's leading cryptocurrency exchange, has finalized its acquisition of a South Korean crypto exchange, authorities said Thursday, taking its first step to enter the local digital assets market.
The Korea Financial Intelligence Unit (FIU), under the Financial Services Commission (FSC), has approved Binance's acquisition of GOPAX on Wednesday, according to the authorities.
GOPAX is the fifth-largest crypto exchange in South Korea.
Binance had sought entry into South Korea by acquiring a majority stake in GOPAX in 2023, but its plan had been 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 are required to report to financial authorities their list of executives. Financial authorities 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 went 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.
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