TechFlow news, October 14 — According to TheBlock, South Korean authorities have restarted their review of Binance's acquisition of local exchange Gopax, a deal that had been stalled for over two years.
In 2023, Binance stepped in to rescue Gopax, whose clients had approximately $47 million in funds trapped in the bankruptcy proceedings of Genesis Global Capital. However, South Korean regulators paused the acquisition review due to concerns over Binance's ongoing legal disputes with U.S. regulatory agencies.
The relaunch of the review process by South Korea's Financial Intelligence Unit (FIU) is seen as a positive signal for Binance’s potential return to the South Korean market. If the acquisition is approved, Binance may be able to operate in Korea through Gopax in compliance with local regulations.
