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- Binance acquires 67% of Gopax, marking a major South Korea return.
- Regulatory approval cleared by FIU after U.S. legal settlements.
- BNB surged 50% before stabilizing; market share may shift from Upbit.
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Binance, the world’s largest cryptocurrency exchange, has officially returned to South Korea by acquiring a majority stake in Gopax. The deal, which grants Binance 67% ownership of the local exchange, marks a strategic move into one of Asia’s most dynamic crypto markets. Originally planned for 2013, the acquisition faced delays due to regulatory approvals and ongoing negotiations.
Navigating South Korea’s Regulatory Landscape
South Korea enforces strict rules for foreign virtual asset operators, including anti-money laundering measures and investor protection requirements. This week, the Financial Intelligence Unit (FIU) resumed reviewing Gopax’s executive changes, ultimately approving the acquisition. Binance’s U.S. legal challenges, including the SEC case and DOJ settlement, cleared the path for regulatory acceptance. The approval allows Binance to officially operate under South Korean law, giving the exchange a foothold in a market long dominated by local player Upbit, which controls over 72% of trading volume.
Strategic Expansion in Asia
Binance founder Changpeng “CZ” Zhao has been eyeing Southeast Asia’s crypto landscape for growth. South Korea offers a large crypto economy, a skilled workforce, and a thriving startup ecosystem. CZ views the market as pivotal for Binance’s next wave of blockchain and Web3 initiatives. Recent regional moves, including SoftBank-backed PayPay’s investment in Binance Japan and expansions in Vietnam and China, underscore Binance’s broader strategy to strengthen its presence in Asia.
Also Read: Binance Users Pull $21.75B in 7 Days — Is Trust in Centralized Exchanges Crumbling?
Market Reaction and Crypto Trends
BNB, Binance’s native token, has experienced dramatic price swings amid the news. The coin surged nearly 50% in a month, reaching an all-time high of $1,370 before settling slightly lower at $1,186. Trading volume has dipped 40% in the past 24 hours, signaling a temporary cooling in trader interest. Analysts suggest that Binance’s South Korean re-entry could reignite regional demand and shift market shares away from established exchanges like Upbit.
Binance’s acquisition of Gopax signals a major return to South Korea, one of the world’s most competitive crypto markets. With regulatory hurdles cleared and strategic regional expansions underway, Binance is poised to reshape the local landscape and accelerate the next phase of blockchain growth in Asia.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
