**Binance Officially Acquires Gopax to Re-Enter South Korean Crypto Market**
The world’s largest cryptocurrency exchange, Binance, has completed the acquisition of Gopax to officially re-enter the South Korean market as of Thursday. Originally planned for announcement in 2013, the acquisition faced delays due to final discussions and regulatory constraints.
Gopax ranks among the top five crypto exchanges in South Korea, making it a strategic choice for Binance’s market re-entry.
### Binance’s Acquisition Details
According to a local media report on October 16, Binance has officially entered South Korea by acquiring a majority stake of 67% in Gopax, following a thorough due diligence process.
Earlier this week, South Korea’s Financial Intelligence Unit (FIU) resumed its review of Gopax’s formal report on changes to its key executives. The country maintains strict regulatory requirements for foreign virtual asset operators to ensure compliance with anti-money laundering (AML) policies and investor protection standards.
Following the resolution of the U.S. Securities and Exchange Commission (SEC) case against Binance—dropped during the Trump administration—and the U.S. Department of Justice’s agreement to settle with Binance and its founder Changpeng “CZ” Zhao, regulatory scrutiny has eased. As a result, South Korean authorities have approved the acquisition.
### Market Impact and Competition
Currently, Upbit dominates South Korea’s crypto market with over a 72% market share. However, Binance’s strategic entry via Gopax could potentially shift this market dynamic and challenge existing leaders.
### CZ’s Focus on Southeast Asia
Binance founder Changpeng “CZ” Zhao has been actively pursuing re-entry into the South Korean market since Binance’s previous exit in January 2021. South Korea’s large crypto economy, skilled talent pool, and vibrant startup community make it an attractive market for Binance’s expansion.
CZ emphasized the importance of this expansion as a key step for Binance to establish leadership in the next wave of blockchain and Web3 developments.
He also highlighted recent regional developments including SoftBank-backed PayPay’s 40% stake acquisition in Binance Japan, the expansion of Giggle Academy in Vietnam, and BNB treasury-focused investments in China Renaissance through CZ’s family office, YZi Labs.
### BNB Price Movements
Following these developments, Binance’s native token, BNB, saw its price surge nearly 50% within a month, reaching an all-time high (ATH) of $1,370. Currently, BNB is trading slightly lower at $1,186, with a 24-hour low of $1,151 and a high of $1,213.
However, trading volume has decreased by 40% in the last 24 hours, suggesting a decline in trader interest.
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Binance’s acquisition of Gopax marks a significant milestone in its global expansion strategy, particularly within the crucial South Korean market. Market watchers will be keenly observing how this move reshapes the competitive landscape in the region.
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