[Alpha Biz= Paul Lee] SEOUL, Oct. 16 — Binance, the world’s largest cryptocurrency exchange, has officially acquired Gopax, South Korea’s fifth-largest digital asset trading platform, following final approval from the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC). The move signals Binance’s full-scale entry into the Korean cryptocurrency market.
According to financial industry sources, the FIU confirmed on Tuesday that it had approved Binance’s change in executive registration for Gopax, effectively greenlighting the acquisition. An FIU official stated,
“We have accepted Binance’s notification of executive changes.”
Under current Korean law, cryptocurrency exchanges are not subject to separate major shareholder eligibility reviews. Instead, authorities conduct practical scrutiny through executive and representative change filings, which serve as de facto ownership reviews.
Binance first acquired a 67% stake in Gopax in February 2023, but regulatory approval had been pending for nearly two years. With this decision, Binance has now completed all required legal and procedural steps to operate in South Korea.
Market observers expect Binance’s entry to reshape the domestic crypto exchange landscape, which has long been dominated by Upbit (approximately 63% market share) and Bithumb (32%).
Eom Sang-hyun, senior researcher at Dispread, noted,
“With Binance’s global liquidity, advanced exchange technology, and operational expertise, the company has strong potential to grow rapidly in Korea over the medium to long term.”
The approval marks a major turning point for the Korean virtual asset industry, as global exchanges seek new growth opportunities in Asia’s highly regulated but rapidly expanding digital finance markets.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
