TL;DR
- Binance could regain full access to South Korean traders by late 2025 after the Financial Intelligence Unit resumes reviewing its controlling stake in Gopax.
- The US $4.3 billion settlement with American regulators has eased compliance concerns.
- Gopax’s $47 million liquidity shortfall linked to Genesis Global Capital underscores Binance’s role in stabilizing the market and restoring investor confidence.
South Korea appears closer to welcoming Binance back after nearly two years of regulatory uncertainty. The Financial Intelligence Unit (FIU) has restarted its review of Binance’s 67% stake in Gopax, which was acquired in February 2023. This renewed scrutiny could allow Binance to operate under Gopax’s licence and regain its presence in one of Asia’s most tightly regulated crypto markets by late 2025.
FIU Focuses On Leadership And Control
South Korean regulators assess executive changes rather than direct shareholder applications, meaning that scrutiny of Gopax’s management effectively doubles as a test of Binance’s suitability to hold a controlling stake. Earlier concerns over anti-money-laundering compliance and US legal challenges have eased following Binance’s $4.3 billion US settlement, restoring confidence in multiple jurisdictions. Approval from the FIU would formalize Binance’s control and allow the exchange to resume operations while meeting domestic compliance expectations.
Gopax’s Liquidity Challenge And Binance’s Stabilization Role
Gopax faced a $47 million shortfall linked to halted withdrawals from Genesis Global Capital, shaking user confidence and liquidity in early 2023. Binance’s majority stake was intended to stabilize operations and replenish customer funds. Prolonged regulatory delays even led Binance to consider selling part of its holding to local tech firm Megazone, though these talks fell through in late 2024. Now, with the FIU re-examining executive changes, Binance’s investor and operator roles are back in focus.
Analysts note that the outcome will test whether global exchanges can meet South Korea’s stringent compliance standards. The FIU’s review coincides with broader regulatory measures, including the suspension of retail lending products, plans for won-backed stablecoins, and authorization of spot crypto ETFs. Local market leader Dunamu has also emphasized institutional custody to reduce cyber risk, reflecting a shift toward oversight and investor protection.
A positive FIU decision could significantly boost Binance’s regional presence, demonstrating that international exchanges can align with domestic governance requirements. South Korea’s market is one of Asia’s largest by trading volume, and Binance’s return would signal selective engagement with compliant global players. If approved, the move would underline a broader industry transformation toward transparency, stronger controls, and renewed market confidence.
