Binance Returns to South Korean Market
Binance, a major global cryptocurrency exchange, is re-entering the South Korean market. This move follows the Financial Intelligence Unit’s (FIU) approval of its acquisition of Gopax, a local exchange. Gopax is one of five authorized platforms in South Korea offering crypto-to-fiat services.
Regulatory Hurdles Cleared
The FIU’s final approval marks the end of a multi-year process for Binance. The exchange acquired a majority stake in Gopax in 2023, but the deal faced delays due to regulatory review and legal challenges in the U.S.
Potential Market Impact
Binance’s return could alter the competitive landscape in South Korea, currently dominated by Upbit and Bithumb. The country’s crypto regulations mandate that exchanges partner with domestic banks to provide real-name verified accounts. While intended to bolster Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance, this requirement has historically created barriers for new entrants.
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