TL;DR
- Binance secures a $90.52 million fund to compensate GoFi users of Gopax, with restitution scheduled for 2026.
- The restitution wallet contains 11 cryptocurrencies, including 775.11 BTC, 5,766.62 ETH, and 706,184.46 USDC.
- The exchange plans to integrate Gopax into its institutional infrastructure, offer stablecoin payments, tokenize real-world assets, and adjust its product offerings.
Binance secured $90.52 million in a fund intended to compensate users affected by GoFi, the DeFi product of Gopax that froze withdrawals following Genesis Global Capital’s bankruptcy in January 2023.
The restitution wallet contains 11 cryptocurrencies, including 775.11 BTC, 5,766.62 ETH, and 706,184.46 USDC, holding the exact amounts of the lost assets rather than their fiat value at the time of the freeze. Fund distribution must be carried out through Gopax’s balance sheet, so Binance must capitalize the company before initiating payments.
SB Seker, Head of APAC, confirmed that restitution will be completed in 2026. Regulatory approval for the change of control of Gopax was obtained in October 2025, and approval from minority shareholders is still pending before full distribution can begin.
Binance acquired 67% of Gopax in February 2023. Following South Korean authorities’ approval, the company began integrating the platform into its institutional and payments infrastructure.
Binance to Offer Services to Institutional Clients
The exchange plans to provide support to institutional clients, corporate treasury management, and stablecoin payment options for international visitors. It is also considering real-world asset tokenization and the issuance of tokenized securities through partnerships with local companies. Rebranding Gopax under the Binance name is under review but has not been confirmed.
The South Korean regulatory framework has changed in recent months. Korea lifted a nine-year ban on corporate crypto investment, allowing listed companies to allocate up to 5% of their capital to the top 20 cryptocurrencies. The Digital Asset Basic Act will require stablecoin issuers to maintain a minimum capital of 5 billion won and set ownership limits of 15% to 20% for major shareholders of exchanges. Legislation for the issuance and trading of tokenized securities will take effect in January 2027.
Binance aims to consolidate its presence in Korea after GoFi restitution, implementing technical and security improvements at Gopax and expanding its product offerings within the local regulatory framework.
