SEC Lawsuit Delays Gopax Acquisition by Binance in South Korea

Binance’s acquisition of the South Korean crypto platform Gopax is under scrutiny by the Financial Service Committee (FSC) due to a lawsuit filed by the US Securities and Exchange Commission (SEC) against Binance. FSC has suspended Gopax’s executive change report detailing the appointment of three Binance members as internal directors. The SEC’s lawsuit accuses Binance of co-mingling customer funds and violating securities laws. This situation might hinder Binance's business opportunities in South Korea. The acquisition was aimed at facilitating Binance’s re-entry into the South Korean market and reviving Gopax, which had faced financial difficulties following the bankruptcy of Genesis Global Capital.