Binance to repay Gopax GoFi users this year, targets top market share in South Korea

Binance plans to complete repayments to users of the South Korean exchange Gopax's GoFi service this year and aims to become the top exchange by market share in the country, The Block exclusively reported. In an interview with the publication, SB Seker, Binance's Head of Asia Pacific, stated that once the GoFi repayment process is finished, the company will introduce its global standard technology and security systems to Gopax. The focus will then shift to new business areas such as stablecoins, real-world asset (RWA) tokenization, and attracting institutional investors. Seker added that Binance intends to expand its business over the next 12 months to challenge the market currently dominated by Upbit and Bithumb, expressing confidence in its ability to navigate regulatory risks like restrictions on major shareholder stakes. GoFi funds were frozen in 2023 after its partner, Genesis Global Capital, halted withdrawals. Binance's acquisition of a stake in Gopax initiated a rescue plan, but the process was delayed by a holdup in local regulatory approval. The repayment wallet currently holds 11 cryptocurrencies, including 775.11 BTC, 5,766.62 ETH, and 706,184 USDC. Binance plans to repay users in the original quantity of their crypto assets, not their equivalent value in Korean won.