Haciyev Reşit 
The world’s largest cryptocurrency exchange, Binance, is aiming to re-establish a strong position in the South Korean market following a period of significant challenges. By resolving the long-standing GoFi repayment issue, the company seeks to rebuild trust within the local crypto ecosystem and clearly reaffirm its leadership ambitions. Binance management has stated that all obligations related to GoFi are planned to be fully fulfilled by 2026, emphasizing a long-term and determined approach to the process.
Binance Sets a Clear Timeline: GoFi Repayments Could Be Completed This Year
Binance Asia-Pacific (APAC) President SB Seker shared the clearest and strongest message to date regarding the repayment process for GoFi users in South Korea during a recent interview. Seker stressed that the long-uncertain process—one that has created concern for both investors and the broader industry—is targeted to be completed within this year, noting that significant consensus has been reached among all involved parties.
“We are absolutely trying to finish this within the year. Users, ourselves, regulators, and all stakeholders want this matter to be closed.”
Seker’s remarks are seen as critical not only for compensating thousands of affected South Korean investors, but also as a core pillar of Binance’s strategy to regain momentum and expand once again in the local market. Once the repayments are completed, Binance is expected to take on a more active and competitive role in South Korea’s crypto landscape.
Background of the GoFi Crisis
GoFi, a DeFi service operating under South Korean crypto exchange Gopax, was forced to suspend withdrawals after its partner Genesis Global Capital halted withdrawals and filed for Chapter 11 bankruptcy in January 2023. This sudden development triggered a serious confidence crisis in South Korea’s crypto market, particularly among retail investors, and reignited debates around insufficient regulatory oversight.
As the crisis deepened, Binance stepped in and took a decisive move by acquiring a majority stake in Gopax in February 2023. Through this acquisition, Binance aimed to provide capital support to compensate GoFi users’ losses and ensure the platform’s survival. However, extensive regulatory reviews and approval processes in South Korea delayed the acquisition longer than expected, prolonging the repayment timeline and maintaining uncertainty.
Repayment Wallet and Asset Details Revealed
Following regulatory approval, Binance announced that the funds allocated for GoFi user repayments are being held under third-party custody and that the relevant wallet address will be shared soon. According to Gopax’s statement, the wallet includes a total of 11 different crypto assets, notably:
- 11 BTC
- 62 ETH
- 46 USDC
A key point is that repayments will be made based on the quantity of digital assets lost, not their fiat value at the time withdrawals were halted. Due to price increases in Bitcoin and Ethereum, this structure may result in a more favorable outcome for users.
Binance’s South Korea Strategy
Once GoFi repayments are completed, Binance aims to stabilize and strengthen Gopax operationally. According to SB Seker, priority steps include upgrading technical infrastructure, enhancing security standards, and integrating Binance’s global operational practices into Gopax. Binance also plans to expand its product offerings in compliance with South Korea’s regulatory framework. Rebranding Gopax under the Binance name remains under evaluation. Binance’s clear roadmap for GoFi repayments is widely viewed as a critical step toward restoring trust in South Korea’s crypto market. If the process is successfully completed, Binance could re-emerge as a powerful contender in the race for market leadership in the country.
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