Gopax founder tells Binance to stop making excuses and repay GoFi users

Lee Jun-haeng, the founder and former CEO of South Korean crypto exchange Gopax, has called on Binance to release a concrete repayment plan for its GoFi service and immediately compensate users. In a post on X, Lee stated that matters such as adjusting the majority shareholder's stake or increasing capital should only be discussed after Binance fulfills its legal obligation to repay GoFi users. Lee's resignation was part of Binance's acquisition of Gopax in February 2023. He accused Binance of making a series of false claims, refuting its May 2023 assertion that it had no legal responsibility for GoFi repayments. Lee also dismissed the company's September 2024 claim that rising crypto prices made full repayment difficult, as well as its October statement that the matter depended on the judgment of South Korean authorities. According to Lee, South Korea's Financial Intelligence Unit (FIU) has confirmed that no additional procedures or approvals are necessary to pay the victims. He also noted that a lawsuit filed against him by a Binance subsidiary was dismissed and that Binance's claim about the first repayment being costly due to foreign exchange was false, as the transactions are recorded on the blockchain. Lee emphasized that it is out of order for Binance to discuss business expansion in South Korea without fulfilling its contractual obligations, urging the exchange to stop making excuses and provide immediate repayment. Late last month, Binance stated its intention to complete the repayment to GoFi users this year and aim to become the top exchange by market share in South Korea.