South Korea’s financial regulators have resumed their long-stalled review of Binance’s acquisition of local crypto exchange Gopax, paving the way for the global exchange’s potential return to the country by late 2025. The move signals renewed confidence in Binance following the resolution of its legal battles in the United States.
According to a report by local outlet Newsis, the Korea Financial Intelligence Unit (FIU) has restarted its assessment of Gopax’s “executive change report” — a mandatory step before Binance can be formally recognised as the exchange’s majority shareholder. Binance acquired a 67% stake in Gopax in February 2023, but regulatory approval has remained in limbo for more than two years.
The FIU’s review process was initially paused in 2023 amid global scrutiny of Binance’s anti-money laundering (AML) practices. Around that time, the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice filed multiple charges against the company, alleging unregistered operations and misuse of customer funds. These legal challenges culminated in Binance paying a record $4.3 billion fine — one of the largest penalties in the history of the cryptocurrency sector.
However, the regulatory climate has shifted in Binance’s favour. In May 2025, the SEC officially dropped its lawsuit against Binance and co-founder Changpeng Zhao after the firm demonstrated compliance improvements and cleared all outstanding penalties. This resolution has reportedly eased concerns among South Korean authorities, who are now more open to finalising the Gopax review.
An unnamed industry official quoted by Newsis explained that although “executive change” reports are typically procedural, the FIU has handled them with the same rigour applied to major shareholder evaluations in the financial sector. He added that with Binance’s legal risks now resolved, “it is highly likely the report will be accepted within this year.”
Under South Korean law, there is no distinct process for assessing the suitability of major shareholders in crypto exchanges, making the executive change filing an indirect but crucial step in that review. If approved, Binance could officially re-enter South Korea’s digital asset market by the end of 2025 — four years after shutting down its local operations in 2021 due to compliance concerns.
The renewed regulatory engagement represents a significant turnaround for Binance, which has spent the past year rebuilding its reputation and strengthening relationships with global watchdogs. A successful comeback in South Korea — one of Asia’s most active crypto markets — would mark a major milestone in the exchange’s efforts to restore its global footprint.
