Gopax "Reviewing Follow-up Procedures for GoFi Repayment in Cooperation with Binance"

Financial Authorities Approve Gopax Board Change Report
Binance Set to Enter Korean Market in Earnest After Two and a Half Years

On October 16, cryptocurrency exchange Gopax announced, "We are gradually reviewing follow-up procedures such as securing funds for GoFi deposit repayments with our major shareholder Binance, as well as obtaining consent from minority shareholders."

Through a notice on the same day, Gopax revealed that its board of directors change report had been accepted, stating, "We continue to prioritize discussions on repaying GoFi customer deposits above all else," and added, "We will announce the specific schedule and method for the repayment process as soon as they are finalized."

The company further stated, "We will treat the renewal report procedure, which will follow the acceptance of the board change report, as a practical turning point in resolving the GoFi issue, and we will do our utmost to reestablish ourselves as a trusted exchange for our customers."

According to financial authorities, the Financial Intelligence Unit (FIU) of the Financial Services Commission accepted Gopax's executive change report the previous day. Binance had sought to enter the Korean market by acquiring a stake in Gopax in 2023, but was delayed due to the slow progress of legal procedures, including the acceptance of the executive change report by the authorities.

With the acceptance of the change report by financial authorities after about two and a half years, Binance has now entered the Korean market through its acquisition of Gopax.

It is also expected that the resolution of the GoFi investor compensation issue will accelerate. Gopax had operated its own virtual asset deposit service, GoFi, but faced insolvency in 2023 due to the FTX incident. According to Binance, compensation totaling 70 million dollars had been completed by August 2023, and as of the end of July this year, 122 million dollars in damages remained.