Binance has completed the acquisition of South Korean crypto exchange Gopax

PANews reported on October 16 that Binance has completed the acquisition of South Korean cryptocurrency exchange Gopax, according to a report by The Block citing local South Korean news media MK. On Wednesday, after more than two years of delays, South Korea's Financial Intelligence Analysis Institute approved changes to Gopax's key management personnel. In February 2023, Gopax filed for this change after Binance acquired a 67% majority stake in Gopax. Previously, South Korean regulatory authorities have delayed giving full approval to Binance’s acquisition of Gopax, citing possible anti-money laundering risks.

Local media reported that the approval appeared to be driven by the resolution of Binance’s compliance issues in the United States. This approval indicates that Binance will re-enter the Korean market after closing its local operations in South Korea in 2021.

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