After years of regulatory limbo, Binance has officially returned to the South Korean market by taking control of Gopax, one of the country’s leading crypto exchanges.

The acquisition ends a long chapter of uncertainty and positions Binance once again in one of Asia’s most dynamic digital asset hubs.

The approval was finalized this week following months of back-and-forth between Gopax and the Financial Intelligence Unit, South Korea’s top watchdog for virtual asset platforms. With regulatory conditions now satisfied, Binance holds a 67% majority stake, granting it both operational control and an immediate route back into the market.

The deal had been in motion for some time – initially planned for announcement in 2023 – but was postponed while Binance dealt with compliance issues and ongoing negotiations with U.S. regulators.

The recent settlements with American authorities, including the dismissal of the SEC case and resolution with the Department of Justice, helped clear the path for the Korean comeback.

A Renewed Bet on Asia’s Crypto Powerhouse

South Korea remains one of the most active crypto economies in the world, with a retail investor base that often drives global trading volumes. Upbit still dominates the scene with roughly three-quarters of the market, but Binance’s global reach and liquidity could quickly transform Gopax into a formidable competitor.

Founder Changpeng “CZ” Zhao has been vocal about his ambition to expand deeper into Asia, describing South Korea as a vital launchpad for the next wave of Web3 innovation. The region already plays a central role in Binance’s broader strategy – ranging from a strategic investment in Binance Japan by SoftBank-backed PayPay, to education-focused projects like Giggle Academy in Vietnam, and new treasury allocations in China Renaissance through CZ’s family office, YZi Labs.