After years away, binance is regaining a foothold in South Korea with the acquisition of an exchange
Minance has officially returned to South Korea after regulators approved its takeover of local Gopax, a move that ends a long period of uncertainty over a deal that will work in one of Asia’s biggest crypto markets.
Minance receives controlled signing
Based on reports, South Korea’s financial intelligence unit has accepted a major change of major shares on October 15, 2025. The agreement gives binance control of most securities starting to be purchased in February 2023
The original purchase was disbanded as a way to bolster gopax after the exchange ran into trouble tied to its coffee brand and fallout from the US recession. For users with limited access to funds, foreclosures were introduced as a fix to help recover withdrawals and overpayments of interest.
What gopax approval means for users
Reports revealed that the FIU’s decision came after regulators reviewed Gopax’s updated business plans and finance’s responses to financial concerns.
The US regulatory action against Minance, including a 4.3 billion settlement over previous failures, was put by local officials as an item used for review during the review.
With the approval, goPoPax is expected to move quickly to rebuild customer confidence and meet domestic regulations applicable to exchanges operating in South Korea.
Market response and competition
The Local Exchange is watching closely. Upibit and Bishurm dominate the trading volume in South Korea, and both of these will compete fiercely for funds and services now that the binance-backed platform is officially behind.
Traders reacted with a combination of caution and interest. Some investors say they welcome more choice. Others said they plan to wait and see how GoPax implements administrative and compliance measures before moving money.
Why did it take so long
Reports show the approval process is being dragged out because regulators were focused on governance, top-up changes, and how KYCs are handled under minance control.
The gap between the first purchase in February 2023 and October 2025 Sign up for an extension of more than two years. Delays have been shown in local monitoring and extensive monitoring has faced many countries.
Next steps and oversight
According to officials familiar with the matter, gopax will now need to implement some regulatory compliance. Exchanges will be monitored, and additional checks may be used as part of ongoing monitoring.
Featured image from currency, chart from trading
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