Binance South Korea push gathers pace as exchange targets full GoFi restitution by 2026

Binance is sharpening its focus on the South Korean crypto market as the group advances plans around binance south korea user restitution and future growth.

Binance outlines timetable for GoFi restitution

SB Seker, Head of APAC at Binance, said the exchange aims to complete restitution for South Korean GoFi users within this year, drawing a line under a long-running liquidity crisis.

In an interview on Friday, the executive described the clearest schedule so far for returning assets to affected investors. This resolution would restore funds to thousands of users and, moreover, remove a key obstacle to Binance's broader re-entry into the South Korea crypto market.

“We're definitely looking to try and finish this off this year; it's been hanging over everybody's heads for some time,” Seker said. “I think there's alignment on everybody's part. Users, us, regulators, and broader stakeholders, everyone wants to close this chapter.”

GoFi, the DeFi service operated by local exchange Gopax, froze withdrawals in 2023 after its partner Genesis Global Capital halted withdrawals and later filed for Chapter 11 bankruptcy in January 2023. That sequence of events left GoFi customers unable to access their assets.

The crisis prompted Binance to acquire a majority stake in Gopax in February 2023 with the intention of injecting capital to support affected users. However, South Korean authorities only approved the Gopax acquisition by Binance late last year, delaying the rollout of the recovery plan.

On-chain restitution wallet and pending approvals

Following regulatory clearance, Binance said it would disclose the on-chain wallet address holding funds earmarked for GoFi restitution. These assets are currently under third-party custody, a structure intended to enhance transparency and investor protection.

According to a notice from Gopax, the restitution wallet holds 11 cryptocurrencies, including 775.11 BTC, 5,766.62 ETH, and 706,184.46 USDC. Notably, the wallet mirrors the exact quantities of digital assets lost in GoFi, rather than reflecting their fiat value at the time withdrawals were frozen in 2023.

This asset-based approach captures the substantial price appreciation in coins such as bitcoin and ether since the freeze. However, Binance still requires further approvals from several South Korean government agencies before distributions can begin at scale.

The exchange is also finalizing a distribution framework designed to minimize operational and tax-related costs for both users and stakeholders. That said, specific timelines for tranche-based repayments have not yet been disclosed.

Binance South Korea strategy after GoFi resolution

Once GoFi repayments are complete, Binance plans to stabilize and upgrade Gopax as its primary local platform. The first phase will focus on technical integration and security enhancements, bringing in Binance's global standards for infrastructure and risk controls.

“We're also upgrading the suite of products that we can eventually offer into the market,” Seker said. “These will be non-controversial, in our view, because these products already exist in the market.” Moreover, he emphasized that any changes will be phased in to match regulatory expectations.

Rebranding Gopax under the Binance umbrella remains under discussion but has not been finalized. According to Seker, the immediate priority is aligning Gopax's offering with South Korea's regulatory requirements while delivering products that reflect domestic trading trends and investor demand.

Stablecoins and real-world asset tokenization

Looking ahead, Binance sees strategic opportunities around stablecoins, real world asset tokenization and institutional services in South Korea. These themes are already shaping digital asset regulation and infrastructure in major Asian hubs.

Seker said Binance could help distribute Korean won pegged stablecoins and support payment rails that use these tokens, subject to regulatory clarity. Local lawmakers are currently working on frameworks that would define issuance standards and oversight for such instruments.

Furthermore, Seker noted that distributing tokenized real-world assets, starting with security tokens, via partnerships with Korean consortia is a realistic path. However, these initiatives would depend on how quickly capital markets rules evolve around on-chain securities.

Institutional adoption and regulatory headwinds

Binance also plans to support Gopax as it courts institutional customers, including corporates and financial firms. The local exchange has already begun preparing for this segment, as South Korea has gradually eased its de facto ban on corporate crypto investment since last year.

“I think we will harness the mega trends and build the business out in the first 12 months,” Seker said. He highlighted growing institutional interest as a key driver for volumes and liquidity, particularly in a market already known for high retail participation.

Nevertheless, Binance may still encounter policy obstacles. One proposal from South Korea's Financial Services Commission would cap major shareholders' stakes in crypto exchanges at 15% to 20%. Binance currently owns more than a 67% stake in Gopax, placing it above the suggested threshold.

Seker downplayed concerns about the potential rule. “It is just another development… We've become very, very adept at dealing with these things,” he said. Moreover, he argued that South Korea's high adoption rates, combined with a balance of regulation and demand, make it “the pinnacle of APAC” and potentially one of the top three global hubs for digital assets.

Competitive landscape in South Korea

Over the next three to five years, Binance intends to compete aggressively at the top end of the South Korean market. Seker said the company will “work our ass off to be competitive for the biggest place in the market” as it scales its local footprint.

For now, Upbit and Bithumb dominate South Korea's crypto trading landscape, holding substantially larger market shares than Gopax. However, Seker stressed that Binance's goal is to execute on its strategy rather than fixate on league tables.

“Whether we overtake them or not, the results matter less than the objective and how we're trying to get there … We have confidence that the rankings will prove themselves,” he said. Overall, Binance's mix of restitution, platform upgrades and product expansion signals a long-term commitment to the South Korean market.

In summary, Binance is pushing to complete GoFi restitution in 2026, secure final regulatory approvals and leverage South Korea's status as a leading digital asset hub, while positioning Gopax to challenge entrenched incumbents.