Binance has officially completed its acquisition of South Korean crypto exchange Gopax, marking its return to the country’s market after a two-year regulatory holdup.
The move comes after South Korea’s Financial Intelligence Unit (FIU) approved changes in Gopax’s executive structure, according to a report by local outlet MK.
However, the approval faced repeated delays as regulators cited concerns over anti-money laundering (AML) compliance, particularly following Binance’s legal battles in the United States. In 2023, Binance faced lawsuits from the US Securities and Exchange Commission and the Department of Justice for unregistered operations and AML violations.
Gopax first submitted its request in February 2023, shortly after Binance secured a 67% majority stake in the platform.
However, the approval faced repeated delays as regulators cited concerns over anti-money laundering (AML) compliance, particularly following Binance’s legal battles in the United States. In 2023, Binance faced lawsuits from the US Securities and Exchange Commission and the Department of Justice for unregistered operations and AML violations.
Gopax first submitted its request in February 2023, shortly after Binance secured a 67% majority stake in the platform.
