Binance seeks top spot in South Korean market, targets full GoFi repayment in 2026
Binance aims to complete restitution for South Korea's GoFi users this year to re-enter the local market and eventually challenge for the top spot.Summary
Binance Head of APAC SB Seker stated the exchange plans to finalize restitution for South Korean GoFi users this year, aiming to resolve the long-running liquidity crisis stemming from Gopax partner Genesis Global Capital's bankruptcy. Binance acquired a majority stake in Gopax in February 2023, and following regulatory approval late last year, is preparing to unveil the wallet address containing assets—including BTC, ETH, and USDC—earmarked for user repayment. Once repayments are complete, Binance intends to stabilize and upgrade Gopax, potentially introducing products aligned with market demand and focusing on stablecoins, RWA tokenization, and institutional adoption. Despite potential regulatory hurdles, such as a proposal to cap major shareholder stakes (Binance holds over 67% of Gopax), Seker expressed confidence in becoming competitive for the largest market share against current leaders Upbit and Bithumb within three to five years.
(Source：The Block)