News

Breaking: Binance To Re-Enter South Korea Market With Latest Acquisition

Binance completes due diligence on the acquisition of Gopax and will re-enter the South Korean crypto market soon.
Published by
Breaking: Binance To Re-Enter South Korea Market With Latest Acquisition

The world’s largest crypto exchange Binance on Monday completed due diligence on the acquisition of Gopax and will re-enter the South Korean market. Gopax is among the top five crypto exchanges in South Korea. The plan was to announce the acquisition around Christmas, but delayed due to final discussions, as per an official familiar with the matter.

Advertisement

Binance To Acquire Gopax For South Korea’s Entry

Binance CEO Changpeng “CZ” Zhao was actively looking to re-enter South Korea after it exited in January 2021. South Korea has one of the world’s largest crypto economies, an excellent talent pool, and a startup community, which is still an attractive market for Binance. The South Korean expansion will be the most important for Binance to establish leadership in the next wave of blockchain and web3 developments.

Binance is officially coming to South Korea by acquiring Gopax, reported Wu Blockchain on January 2. Binance has recently completed due diligence on the acquisition of Gopax. The discussions have reached the final stage as Binance looks to buy a majority stake from CEO Lee Jun-haeng, who has a 41.2% stake in Gopax.

“We originally planned to announce the acquisition around Christmas last year, but we are in the process of final discussions on the value of the stake,” said an official familiar with the matter.

South Korean financial authorities have strict requirements for foreign virtual asset operators for reasons such as anti-money laundering and investor protection. After the Terra-LUNA crisis, crypto companies have significantly strict guidelines to follow, along with the regular inspection.

South Korea’s crypto market is dominated by Upbit with over 80% market share. However, Binance’s entry into the market could turn the market share towards Gopax.

Advertisement

Binance’s Expansion in Southeast Asia

Binance rapidly expanded its footprint in European and Southeast Asian countries in 2022. On November 30 last year, Binance entered the Japanese market through the acquisition of Sakura Exchange BitCoin (SEBC). Moreover, it acquired the Indonesia-based exchange Tokocrypto in December.

Also Read: Bitcoin Price Bottom Approaching Fast, Time To Buy The Dip?

Advertisement

Share
Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions

Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin price could suffer a significant…

October 22, 2025
  • News

Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7

Crypto ownership is a topic that has been discussed across major forums globally in the…

October 22, 2025
  • News

Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%

Crypto exchange Robinhood has listed the Binance coin for spot trading for its U.S. customers.…

October 22, 2025
  • News

Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation

Bitget, a leading crypto exchange in the world, has joined forces with Google Developer Group…

October 22, 2025
  • News

Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown

Kadena has announced it was shutting down operations, sending its KDA price into a freefall.…

October 22, 2025
  • News

Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia

Hong Kong has officially approved the region’s first-ever Solana ETF in Asia. This comes as…

October 22, 2025