GOPAX (고팍스) — Korea CEX #5 / Binance 2023-02 majority acquisition → partial retreat amid FIU objection overview
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This entry sits under exchanges index. Read it against Korea's 5 major CEX regimes compared — Upbit / Bithumb / Coinone / Korbit / GOPAX for the Korea peer / regulatory context, Upbit / Bithumb for the closest top-tier peers, and global CEX top 10 comparison for the broader system / market boundary.
2017-11 launch · formerly Streami (스트리미) · Korea spot market #5 (estimated 1%) · 2023-02 Binance acquired ~72% of GOPAX shares → FIU change-notification processing delay → compromise plan to dilute Binance voting rights under continued negotiation due to Korea FIU concerns · GoFi (GOPAX Earn) Genesis Global bankruptcy exposure incident
1. Corporation / Shareholders
- Trade name: 주식회사 스트리미 (Streami Inc.) — holding / operating company
- Established: 2015-04 (Streami founded) / 2017-11 (GOPAX exchange launched)
- Head office location: 서울특별시 강남구 (Gangnam-gu, Seoul)
- Founder: 이준행 (Lee Joon-haeng) — Streami founder, started from a blockchain remittance business
- Shareholder structure (as of 2026 年):
- Binance: announced in 2023-02-08 the acquisition of ~72% of GOPAX shares from existing Streami shareholders (via Binance Asia Services Pte. Ltd.)
- However, Korea FIU’s processing of the 변경신고 (VASP change notification) is under prolonged continued negotiation → official approval of the controlling-shareholder change has been delayed / partial
- 2024–2025 period: compromise plans such as diluting Binance voting rights / strengthening the independence of the Korean entity remain under discussion
- Existing minority shareholders (early investors) also continue to hold
- IPO consideration: no concrete announcement amid Binance-related regulatory uncertainty
2. Registration / License status (Korean system)
- 가상자산사업자 (VASP) registration: registered with FIU (2021-09 Korea registration class No. 1 )
- ISMS / ISMS-P certification: holds KISA ISMS-P
- 실명확인 입출금 계정 (real-name account): contract with 전북은행 (Jeonbuk Bank, JB금융그룹 / JB Financial Group)
- 전북은행 is a 지방은행 (regional bank) outside Korea’s 5 major banks (KB / Shinhan / NH / Hana / Woori). GOPAX is the only VASP offering KRW spot through a regional-bank affiliation
- A structure dependent on the creditworthiness of JB금융그룹 (JB Financial Group, KOSDAQ-listed)
- After the 2023-02 Binance share-acquisition announcement:
- Korea FIU took a stance of 변경신고 처리지연 (de-facto suspension of change-notification processing)
- After global Binance’s settlement with the US SEC / DOJ (2023-11, $4.3B fine, CZ resignation), Korea FIU has taken an even more cautious position
- For the detailed regulatory system, see Korea's 5 major CEX regimes compared — Upbit / Bithumb / Coinone / Korbit / GOPAX
3. Listed currencies
- KRW spot market (legal as one of Korea’s 5 major CEXs, 1 )
- Number of listed assets: 80+ (the most conservative among Korea’s 5 major CEXs)
- Centered on BTC / ETH / major altcoins
- Listing review: DAXA common standards + GOPAX’s own standards
4. Scope of business
- Spot trading (centered on KRW pairs)
- Derivatives / margin trading: not offered under Korean VASP regulation
- GoFi (GOPAX Earn): a lending product; at the end of 2022 a Genesis Global bankruptcy-exposure incident occurred (the GoFi withdrawal-freeze situation arose due to the impact of the bankruptcy of global lending operators such as Genesis Capital)
- staking: limited service
- Fiat deposits: only via 전북은행 real-name account
- B2B / institutional: API trading, OTC
5. Market share / Trading volume
- Korea spot market share: ~1% (lowest among Korea’s 5 major CEXs, #5)
- 24h volume: $1–20M (correlated with market volatility)
- Customer base: centered on Korean residents (full KYC implemented)
- User trust weakened after the GoFi incident; recovery in progress
6. History / Major events
| Period | Event |
|---|---|
| 2015-04 | Streami (스트리미) established (founded by Lee Joon-haeng, started from a blockchain remittance business) |
| 2017-11 | GOPAX exchange launched |
| 2018 | Stable operation in the Korea CEX market, conservative asset selection |
| 2021-03 | Korea’s Act on Reporting and Use of Specific Financial Transaction Information takes effect |
| 2021-09 | Completed VASP registration with FIU (Korea registration class No. 1 ) |
| 2022-09 | GoFi (GOPAX Earn) lending product withdrawal freeze — GoFi operations paralyzed due to the impact of the bankruptcy of global lending operators such as Genesis Global / Babel Finance. User withdrawal claims accumulated |
| 2023-02-08 | Binance announced the acquisition of ~72% of GOPAX shares — via Binance Asia Services Pte. Ltd. Purchased from existing Streami shareholders |
| After 2023-02 | Korea FIU delayed processing of the 변경신고, a de-facto suspended state |
| 2023-11 | Global Binance settlement with US SEC / DOJ, $4.3B fine, CZ resignation → Korea FIU takes an even more cautious position |
| 2023 | Participated as one of the co-founders 5 社 of the DAXA self-regulatory consultative body |
| 2024 | Regarding the FIU change notification, negotiations on the compromise plan to dilute Binance voting rights / strengthen the Korean entity’s independence continue |
| 2024-07 | Virtual Asset User Protection Act takes effect; user-protection framework arranged |
| 2024–2026 | GoFi user repayment proceeds, Korea FIU change-notification negotiations continue, formal approval of Binance as controlling shareholder remains unresolved |
7. Strategic developments
- Post-acquisition governance negotiation with Binance: due to Korea FIU’s cautious stance, there is a possibility of compromise toward a model of diluting Binance voting rights + strengthening the Korean entity’s independence. After global Binance’s settlement with the US SEC / DOJ, Korean authorities’ concerns have risen further
- GoFi repayment processing: user repayment / restructuring after the 2022-09 GoFi withdrawal freeze is key to GOPAX restoring trust
- 전북은행 relationship: the real-name account contract with a regional bank (전북은행) that is not one of Korea’s 5 major banks shows GOPAX’s unique position. The issue of the bank’s AML/CFT responsibility-sharing directly affects GOPAX’s business sustainability
- DAXA participation: standardizing listing criteria at DAXA together with Upbit / Bithumb / Coinone / Korbit
- 2024 User Protection Act response: contributing to the user-protection fund, strengthening unfair-trading surveillance, rebuilding internal controls
- Expectations of Binance global synergy: there is potential to leverage Binance global liquidity / asset lineup / technical infrastructure, but realization is limited due to Korea FIU’s cautious stance
8. Positioning in the industry
Although GOPAX is the lowest among Korea’s 5 major CEXs, as the core case of global Binance’s attempt to enter Korea as a branch, it is a representative case of the triangular governance problem among regulators / global CEXs / Korean domestic VASPs.
In the context of Korea's 5 major CEX regimes compared — Upbit / Bithumb / Coinone / Korbit / GOPAX, it is the only case among the 5 major KRW spot CEXs in which a global CEX (Binance) attempted to become a controlling shareholder, and it shows how cautiously the Korean regulators handle a global CEX’s domestic entry. The negotiation stalemate after the 2023-11 global Binance US settlement reflects the Korean regulators’ credibility concerns.
The GoFi incident is also important in the context of 글로벌 CEX 파산 비교 as a case of the pattern in which the insolvency of a global lending operator spreads contagiously to a Korean CEX’s subsidiary lending product.
Related
- cex-upbit-korea — Korea #1
- cex-bithumb-korea — Korea #2
- cex-coinone-korea — Korea #3 (peer)
- cex-korbit-korea — Korea #4 (peer)
- korea-cex-five-pillars-comparison — Korea 5 major CEX system comparison
- global-cex-top10-comparison — Global CEX top 10 (Binance-related)
- global-crypto-exchange-bankruptcy-comparison — Global CEX bankruptcy comparison (GoFi / Genesis-related)
- global-vasp-regulatory-comparison-matrix — Global VASP regulation comparison
- INDEX — Exchange domain index
Sources
- 公開情報整理 (GOPAX / Streami 공식 IR, gopax.co.kr / streami.io)
- 公開情報整理 (Binance 2023-02 GOPAX 지분 인수 발표, binance.com Blog)
- 公開情報整理 (FSC / FIU 가상자산사업자 등록 변경 관련 정보)
- 公開情報整理 (전북은행 / Jeonbuk Bank 실명확인 입출금 계정 보도)
- 公開情報整理 (GoFi GOPAX Earn 사태 / Genesis Global 파산 노출 보도, 코인데스크 코리아 / Korea Herald)
- 公開情報整理 (Binance 글로벌 미국 SEC / DOJ 합의 2023-11 $4.3B 罰金 / CZ 退任 보도, Reuters / CoinDesk / The Block)
- 公開情報整理 (DAXA 자율규제 협의체 발표)
- 公開情報整理 (가상자산이용자보호법 2024-07 시행 관련 보도)
- 公開情報整理 (Binance 韓国 FIU 변경신고 협상 정체 관련 보도 2023–2025)