Reports have disclosed that the FIU’s decision came after regulators reviewed Gopax’s revised business plan and Binance’s responses to anti-money-laundering concerns.
The US regulatory action against Binance, including a reported $4.3 billion settlement over past compliance failures, was cited by local officials as a factor that had to be considered during the review.
Local exchanges are watching closely. Upbit and Bithumb dominate trading volume in South Korea, and both will likely compete harder on fees and services now that a Binance-backed platform is officially back.
Traders reacted with a mix of caution and interest. Some investors said they welcome added choice. Others said they plan to wait and see how Gopax implements corporate governance and compliance steps before moving funds.
Reports show the approval process dragged on because regulators were focused on governance, executive changes, and how funds and KYC systems would be handled under Binance’s control.
The gap between the initial purchase in February 2023 and the October 2025 sign-off stretched over more than two years. That delay reflected both local caution and the broader scrutiny Binance has faced in multiple countries.
According to officials familiar with the matter, Gopax will now need to implement the specific compliance measures it pledged to regulators. The exchange will be monitored, and further checks could be applied as part of ongoing oversight.
Featured image from Money, chart from TradingView
