Binance, the world’s largest crypto exchange, has reportedly completed the acquisition of Gopax to mark its return to the South Korean market, according to local media reports on October 16.
While Binance has not officially confirmed the deal, local reports suggest the exchange acquired a 67% majority stake in Gopax, one of South Korea’s top crypto exchanges.
The acquisition was reportedly planned for 2023 but got delayed due to ongoing regulatory discussions. The Financial Intelligence Unit (FIU) recently resumed and approved its review of Gopax’s executive changes after earlier delays.
The South Korean regulators are very strict in their control over foreign crypto platforms, paying attention to anti-money laundering and investor protection standards.
Binance’s expansion plans
With recent developments, including the U.S. Securities and Exchange Commission (SEC) case against Binance being dropped and a settlement with the U.S. Department of Justice (DOJ), Binance’s re-entry into South Korea appears more likely. However, it remains unofficial as Binance has yet to issue a formal statement.
Binance Co-Founder Changpeng “CZ” Zhao has increasingly shown interest in Southeast Asia. He has already highlighted the high crypto adoption of South Korea, talent pool and start-up ecosystem.
The recent developments in the area, including the 40% stake investment in Binance Japan by PayPay and investments in China Renaissance by YZi Labs, indicate the regional aspirations of Binance.