Binance's GOPAX Acquisition Approved, SOON Project Listed Across Major Korean Exchanges

Executive Summary

South Korean financial authorities formally approved Binance's acquisition of local crypto exchange GOPAX on October 15, 2025, marking Binance's re-entry into the market after a prolonged regulatory review. This approval facilitated the immediate listing of the SOON project on GOPAX, significantly expanding its market presence across all four major Korean exchanges.

The Event in Detail

The Financial Services Commission (FSC) of South Korea, through its Financial Intelligence Unit (FIU), officially approved Binance's acquisition of GOPAX on October 15, 2025. This decision concluded a two-and-a-half-year regulatory review process, formalizing Binance's return to the South Korean market after a four-year absence. Binance initially acquired a 67% stake in GOPAX in February 2023.

The regulatory approval was significantly delayed due to concerns regarding Binance's potential impact on South Korea's anti-money laundering (AML) system and its past legal challenges in the United States. These challenges included charges from the U.S. Securities and Exchange Commission (SEC) in June 2023 for allegedly providing illegal services and accusations from the U.S. Treasury Department and Department of Justice for violating AML systems, which resulted in a $4.3 billion fine. The resolution of these U.S. regulatory issues in May 2025 played a crucial role in influencing South Korea's decision to grant approval.

Following the approval, SOON became the first project to be listed on GOPAX. This strategic listing means that the $SOON token is now available on all four major compliant South Korean exchanges: Upbit, Bithumb, Coinone, and GOPAX, significantly enhancing its accessibility and liquidity within the market.

Market Implications

Binance's re-entry through GOPAX is poised to reshape the South Korean cryptocurrency trading landscape. While Upbit and Bithumb currently dominate the market, accounting for approximately 63% and 32% of trading volume, respectively, Binance's technological infrastructure, global liquidity, and product offerings could attract a significant user base. Analysts suggest this could stimulate competition, encourage technological innovation, and influence market behavior among local exchanges, potentially offering local traders better execution and access to international markets.

Immediate integration plans for GOPAX include leveraging Binance's backing to fully compensate users affected by the GoFi liquidity crisis, linked to Genesis Global Capital in 2022. Approximately $70 million has already been disbursed, with remaining payments to be made with recovered funds. GOPAX is also expected to integrate Binance's advanced trading tools, worldwide liquidity, and operational assistance, alongside strengthening its compliance framework under the 2025 Virtual Asset User Protection Act (VAUPA).

For SOON, its listing on GOPAX completes its presence across major South Korean platforms, aligning with its roadmap for scaling infrastructure and expanding ecosystem incentives. SOON's ecosystem components include a Solana Virtual Machine (SVM)-based Layer 2 rollup on Ethereum, a modular rollup framework, and the InterSOON cross-chain messaging protocol. The native utility token, $SOON, with an initial supply of 1 billion tokens and a 3% annual inflation rate, is integral to governance, staking rewards, and ecosystem incentives. Upcoming developments include Infra & Perp Stacks Launch in Q4 2025 and Token Unlocks on October 23, 2025, allocating 15.21 million $SOON to NFT holders and liquidity, and expanding ecosystem incentives via Big Bang Season 3 and TON Station rewards.

Broader Context

Binance's successful re-entry into a highly regulated market like South Korea underscores a broader trend of global cryptocurrency exchanges adapting to stringent local frameworks. This move could set a precedent for future foreign exchange operations and regulatory frameworks in the region, promoting increased market stability and potential growth in the Korean crypto sector, known for its high retail crypto adoption rates. The formal approval and GOPAX's enhanced compliance under VAUPA reflect a maturing regulatory environment. The strategic expansion of projects like SOON into such regulated markets highlights a growing emphasis on legitimate market access and improved liquidity for digital assets within the Web3 ecosystem.