Binance Targets GoFi Repayment, Top Spot in Korea

• Binance targets full GoFi user repayment completion in 2026 for the Korean market.
• Restitution wallet holds 775 BTC, 5,766 ETH, and 706,184 USDC among 11 assets.
• Binance plans Korea-ready products, eyes stablecoins, RWAs, and institutions.

Binance Head of APAC SB Seker stated the cryptocurrency exchange will attempt to complete restitution for South Korea’s GoFi users in 2026, positioning the platform to pursue market leadership in the country. The executive shared the timeline during an interview, providing clarity on the resolution path for the liquidity crisis affecting thousands of South Korean investors.

“We’re definitely looking to try and finish this off this year; it’s been hanging over everybody’s heads for some time,” Seker stated. He indicated alignment exists among users, the exchange, regulators, and stakeholders to conclude this chapter. GoFi, the decentralized finance service under South Korean exchange Gopax, halted withdrawals in 2023 after partner Genesis Global Capital suspended operations and filed Chapter 11 bankruptcy in January 2023.

Binance Acquisition and Regulatory Approval Timeline

Binance acquired a majority stake in Gopax in February 2023 with plans to inject capital to assist affected GoFi users. South Korean authorities delayed approving the acquisition until late 2025, creating an extended period before the exchange could execute its restitution strategy.

Following regulatory clearance, Binance announced it will disclose the wallet address containing funds earmarked for GoFi user restitution, currently held under third-party custody. According to a notice from Gopax, the wallet contains 11 different cryptocurrencies, including 775.11 BTC, 5,766.62 ETH, and 706,184.46 USDC. The restitution maintains the same cryptocurrency quantities lost in GoFi rather than their fiat values at the freeze date, benefiting from price appreciation of assets like Bitcoin and Ether since withdrawal suspensions.

Binance holds the cryptocurrency ready but requires additional approvals from various South Korean government agencies. The exchange is finalizing a distribution plan, minimizing costs for all parties involved. Once repayments are complete, Binance plans to focus on stabilizing and upgrading Gopax, beginning with technical and security support, implementing the company’s global standards.

Market Expansion and Competitive Positioning Strategy

Seker stated that Binance will upgrade the product suite offered to the Korean market with non-controversial offerings already existing in local markets. Rebranding Gopax under the Binance umbrella remains under consideration without confirmation. The focus centers on tailoring offerings to South Korea’s regulatory framework while delivering products aligned with market demand.

Binance identifies opportunities in stablecoins, real-world asset tokenization, and institutional adoption in the South Korean market. The exchange could support the distribution of Korean won-pegged stablecoins and payment systems utilizing such tokens, for which local lawmakers are developing regulatory clarity.  

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