- FIU review of GOPAX executive change puts approval in play for 2025.
- U.S. legal overhang eased, improving Binance’s Korea outlook.
- KRW access depends on banking rails after any approval.
Binance’s acquisition of Korean exchange GOPAX is nearing completion as financial authorities are resuming the review that underpins the transaction. This follows the Korea Financial Intelligence Unit’s (FIU) recent resumption of its review process on the executive change report filed by Binance.
What changed in the review
The FIU’s process had been stalled for roughly two and a half years over anti-money-laundering (AML) concerns tied to Binance’s role as a major shareholder. That posture is now shifting.
With the review now moving forward, the agency is focusing on leadership and governance disclosures that accompany the executive change report. Under Korean practice, reviews center on the CEO and registered executives, since there is no distinct major-shareholder vetting regime for virtual asset exchanges. The executive change report functions as the de-facto check on eligibility.
Related: Binance CEO Secretly Visits Korea to Engage Regulators About Gopax
Why the outlook improved
Authorities had cited Binance’s U.S. legal exposure as a headwind, including actions by the SEC, the Department of Justice, and the Treasury.
That risk backdrop has eased following U.S. resolutions, including a settlement with the DOJ and a multi-billion-dollar penalty, and the SEC withdrawing its case earlier this year. With those issues de-risked, Korean regulators are more inclined to conclude the review and are guiding to a decision before the end of 2025.
What approval would mean
Acceptance of the executive change filing would clear the corporate-control question and would allow GOPAX to operate with Binance as the controlling shareholder. A finalized approval could open the path to rebuild KRW-onramp access and local market participation, subject to banking partnerships and ongoing AML controls.
For users, that could translate into broader liquidity and product access once compliance steps are in place.
Timeline and next steps:
- FIU review in progress: Governance and executive details are under examination as part of the executive change report.
- Decision window: Officials are indicating year-end acceptance if no new issues emerge.
- Operational ramp: Post-approval, GOPAX would align with banking and compliance requirements before expanded services roll out.
Background: Binance acquired a 67% stake in GOPAX in February 2023 and submitted the executive change report in March 2023. The review paused while regulators assessed AML controls and U.S. case risk. With those items now addressed, the file has returned to the FIU docket for completion.
Related: Binance Explores Deal with Megazone to Divest Gopax Stake
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