Binance-Gopax Passes National Audit Gate, But Key Challenges Remain

Global crypto exchange Binance, having acquired domestic exchange Gopax with approval from the Financial Services Commission (FSC), successfully cleared its first major hurdle — the National Assembly’s oversight hearing. However, serious issues were raised during the hearing, including allegations of preferential treatment, money-laundering risks, and user-data handling by the foreign-based operator.

Domestic regulators and lawmakers emphasized that user protection, regulatory compliance, and transparent control must become front-and-centre for Binance’s Korean operation. While the move may open doors to greater market competition and resolution of the “GoFi” incident legacy, the path to gaining full local legitimacy depends on how well the company adapts to Korea’s financial-and-AML regime.

Observers caution that although the acquisition may inject new dynamics into Korea’s crypto ecosystem long-dominated by one player, the real test will be the exchange’s ability to integrate under Korean rules, protect customer assets, ensure fair access, and avoid dominance risks.

Read more: Korea Emerges as APAC Leader in Stablecoin Trading and Professional Crypto Markets