[South Korean Authorities Resume Review of Binance's Acquisition of Gopax, Potentially Paving the Way for Its Market Return]
The South Korean Financial Intelligence Unit (FIU) has resumed its review of Binance's acquisition of the local cryptocurrency exchange Gopax, a process that had been stalled for over two years due to anti-money laundering concerns. After Binance acquired a 67% stake in Gopax in March 2023, it submitted an executive change report, but the approval process was delayed. Under current laws, South Korea does not conduct separate qualification reviews for major shareholders of cryptocurrency exchanges, meaning this executive change report is essentially regarded as an indirect evaluation of Binance's qualifications. The FIU's current stance is positive, and the approval for the changes is expected as early as the end of 2025. This development could mark a critical step for Binance to re-enter the local market after shutting down its South Korean operations in 2021.