Binance Targets Full GoFi Repayment in South Korea by 2026

TLDR

• Binance aims to complete the restitution for GoFi users in South Korea by 2026.
• The repayment will address the financial losses of thousands of GoFi users who were affected by the liquidity crisis.
• Binance acquired a majority stake in Gopax in 2023 to support GoFi users after the platform froze withdrawals.
• The exchange plans to enhance Gopax with technical upgrades and security improvements.
• Binance sees opportunities in stablecoins and real-world asset tokenization in the South Korean market.

Binance, the world’s largest crypto exchange, has set its sights on becoming the leading player in South Korea’s crypto market by 2026. The company plans to complete the restitution for GoFi users who were affected by the liquidity crisis caused by Gopax, the South Korean crypto exchange. Binance’s efforts will involve returning lost funds to thousands of South Korean investors and re-entering the local crypto scene.

Binance Focuses on Completing GoFi Repayment This Year

Binance’s Head of APAC, SB Seker, revealed in an interview that the exchange is determined to resolve the lingering GoFi issue by the end of 2026. The restitution will address the financial losses of thousands of GoFi users who were unable to access their funds after the service froze withdrawals in 2023. Seker stated, “We’re definitely looking to try and finish this off this year; it’s been hanging over everybody’s heads for some time.”

The freeze on GoFi withdrawals followed the bankruptcy of Genesis Global Capital, a partner of Gopax, which also halted withdrawals in January 2023. Binance stepped in to support the affected users by acquiring a majority stake in Gopax in February 2023. Despite delays in obtaining regulatory approval for the acquisition, Binance aims to make restitution and bring stability to the platform.

South Korea’s Crypto Market and Binance’s Expansion

Binance’s plans extend beyond the restitution process. The exchange aims to become a major competitor to South Korea’s dominant crypto exchanges, Upbit and Bithumb. Seker expressed confidence in Binance’s ability to challenge these market leaders, saying, “Whether we overtake them or not, the results matter less than the objective and how we’re trying to get there.”

In addition to restitution, Binance is focusing on supporting Gopax with technical upgrades and security enhancements. The company also sees potential in tokenizing real-world assets (RWAs) and expanding stablecoin use in South Korea. This includes exploring the distribution of Korean won-pegged stablecoins, which local lawmakers are working to clarify. Binance also sees an opportunity in accommodating institutional clients through Gopax as South Korea gradually loosens its restrictions on corporate crypto investment.

Despite regulatory challenges, such as a proposal to limit major shareholders’ stakes in crypto exchanges, Binance remains confident in its strategy. Seker acknowledged that the regulatory landscape could change, but he emphasized Binance’s experience in navigating such obstacles. He described South Korea as “the pinnacle of APAC” and anticipates significant growth in the country’s crypto market.

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