Binance is laying the groundwork for a serious push into South Korea, with plans to fully repay GoFi users in 2026 and then challenge the country’s dominant crypto exchanges. Speaking to The Block, Binance APAC head SB Seker said resolving the long-running GoFi restitution issue is the company’s top priority and a necessary step before scaling operations in the market.
The repayment effort stems from Binance’s 2023 acquisition of Gopax, a South Korean exchange hit hard by the collapse of Genesis Global Capital. That move allowed Binance to re-enter the Korean market, though regulatory approvals slowed progress until late last year.
Closing the GoFi Chapter
GoFi, a DeFi product operated by Gopax, froze withdrawals in early 2023 after Genesis halted redemptions and later filed for bankruptcy. Thousands of users were left unable to access their funds, prompting Binance to step in and acquire a majority stake in Gopax as part of a rescue plan.
According to Seker, there is now alignment among regulators, users, and Binance to close the issue. The restitution wallet, currently under third-party custody, holds the same crypto assets users originally lost, not their fiat value. These include over 775 BTC, nearly 5,800 ETH, and more than 700,000 USDC, reflecting the strong price appreciation since withdrawals were frozen.
While the funds are ready, Binance is still awaiting final approvals from South Korean authorities and is developing a distribution plan to minimize costs for all parties.
Strengthening Gopax From the Inside
Once repayments are complete, Binance plans to shift its focus to upgrading Gopax’s infrastructure. This includes technical and security enhancements aligned with Binance’s global standards, alongside gradual product expansion tailored to South Korea’s regulatory environment.
Rebranding Gopax under the Binance name remains an option, but is not a priority for now. Instead, the emphasis is on offering compliant products that already exist in the local market and meet clear user demand.
Stablecoins, RWAs, and Institutions in Focus
Looking ahead, Binance sees major opportunities in stablecoins, real-world asset tokenization, and institutional crypto adoption. Seker noted potential support for won-pegged stablecoins and payment systems, as lawmakers work toward clearer regulations. Tokenized securities and RWAs, potentially launched through local partnerships, are also on the radar.
With South Korea gradually easing restrictions on corporate crypto investment, Binance is positioning Gopax to serve institutional clients as the market opens up.
Regulatory Hurdles Remain
Challenges still exist. Proposed rules could cap major shareholders’ stakes in exchanges at 15–20%, far below Binance’s current 67% holding in Gopax. Still, Seker downplayed the risk, calling South Korea one of the most attractive and balanced crypto markets in the Asia-Pacific region.
While Upbit and Bithumb currently dominate, Binance is clear about its ambition. Compete aggressively and aim for the top spot, starting once GoFi repayments are finally complete.
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