The FIU is reviewing the application submitted by Gopax in 2023 after Binance acquired a 67% stake in the exchange, becoming its majority shareholder. The process had been on hold for nearly two years due to Binance’s legal and regulatory challenges in the United States.
According to South Korean media reports, in recent weeks the FIU has resumed examining documents related to the restructuring of Gopax’s leadership. Sources noted that a decision on the application could be finalized by the end of 2025.
The regulator is paying close attention to how Binance’s involvement might affect the country’s anti-money laundering (AML) system. Authorities had previously expressed concern that the presence of an international exchange could complicate capital flow monitoring.
Regulatory Risks Declining
The delay in approval was largely tied to ongoing investigations in the United States. In 2023, the U.S. Securities and Exchange Commission (SEC) accused Binance of providing services to American users without proper licensing and mishandling client funds.
Later, the U.S. Department of Justice and the Treasury Department charged the company with AML violations and imposed a fine of about $4.3 B.
Since then, the situation has changed. In spring 2025, the SEC dropped its lawsuit against Binance and its founder Changpeng Zhao, while other agencies concluded their cases after the fines were paid. As a result, the FIU softened its stance and began reexamining Gopax’s filings.
Possible Approval by Year-End
South Korea does not have a dedicated procedure for reviewing major shareholders of cryptocurrency exchanges. Under local law, only executives and registered representatives of companies dealing with digital assets must notify the FIU.
However, in practice, the regulator applies similar standards to evaluate the reputation and qualifications of large investors in such cases.
According to local sources, the FIU is reportedly viewing Gopax’s application favorably and sees no major obstacles to its approval. If the current review pace continues, the decision could be made by the end of 2025. Industry observers believe that resolving Binance’s legal issues in the U.S. was a key factor enabling the process to move forward.
One industry insider noted that the management changes at Gopax are mostly procedural, but regulators remain cautious when assessing shareholders. Following Binance’s settlements in the U.S., the likelihood of approval has increased significantly.
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