Binance is moving to strengthen its position in South Korea’s cryptocurrency market, with plans to complete full restitution for GoFi users in 2026. The repayment effort is tied to Binance’s acquisition of Gopax, a South Korean exchange that faced a severe liquidity crisis in 2023 following the collapse of its partner, Genesis Global Capital.
The crisis left thousands of GoFi users unable to access their funds, prompting Binance to step in and acquire a controlling stake in Gopax. Regulatory approval for the deal was delayed, but recent progress has allowed Binance to set a clearer timeline for resolving outstanding claims.
GoFi Repayment Details and Regulatory Process
Gopax has disclosed that the restitution wallet contains the same quantities of digital assets originally held by users, including more than 775 bitcoin, over 5,700 ether, and more than 700,000 USDC. This approach reflects asset-based repayment rather than fiat valuation, meaning users will benefit from price appreciation since withdrawals were frozen.
While the assets are ready, final distribution still requires approvals from multiple South Korean authorities. Binance is also finalizing a repayment structure designed to minimize operational and administrative costs.
Once GoFi repayments are completed, Binance plans to focus on upgrading Gopax’s technology, security, and product offerings. Future growth areas include stablecoins, real-world asset tokenization, and institutional crypto services, positioning Binance to compete more aggressively with established local exchanges in South Korea.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.