Binance is about to re-enter the South Korean market after a delay of two years.
Binance, the world’s largest cryptocurrency exchange, is nearing its long-awaited return to the South Korean market. After a delay of more than two years, local authorities have resumed their review of Binance’s acquisition of domestic exchange Gopax.
According to a report from Newsis, South Korea’s Financial Intelligence Unit (FIU) is currently assessing Gopax’s formal report on changes to its key executives, a process tied directly to Binance’s 67% ownership stake.
The review, which had been on hold since early 2023 due to anti-money laundering (AML) concerns, is now reportedly progressing favorably. If the FIU grants approval, Binance could secure its official return to the Korean market by the end of 2025.
A Regulatory Turning Point
Under South Korean law, there is no separate mechanism for evaluating the suitability of major shareholders in crypto exchanges. Instead, the FIU’s executive review effectively doubles as a test of Binance’s qualifications as a controlling shareholder.
The exchange first acquired a majority stake in Gopax in February 2023 as part of a rescue initiative following Gopax’s liquidity crisis linked to Genesis Global Capital’s bankruptcy.
At the time, Binance and Gopax filed an executive change report with the FIU, but the review stalled amid scrutiny in the United States, where the SEC and the DOJ had accused Binance of operating without proper registration and violating AML laws.
The resulting $4.3 billion settlement, one of the largest in crypto history, appears to have eased some of the concerns held by South Korean regulators.
Strong Retail Appetite for Crypto
Meanwhile, South Korean investors continue to display a huge appetite for crypto-related assets. During the weeklong Chuseok holiday on Oct. 3–9, domestic traders poured roughly $1.24 billion into US tech and crypto-linked stocks, according to the Korea Securities Depository.
Popular picks included leveraged ETFs tied to Tesla and Bitcoin mining companies such as Iris Energy Ltd. and Bitmine Immersion Technologies Inc.
Investors scooped up roughly $105 million worth of Iris shares, $96 million in Tesla, and $100 million in Meta. T-REX 2X Long BMNR Daily Target ETF saw $95 million in net buys, indicating substantial demand for the next best crypto play in 2025.
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