Binance plans to fully repay the debt of GoFi, a service under Gopax in South Korea, by the end of 2026, according to SB Seker, Binance's Asia Pacific head. The repayment will be made in cryptocurrency equivalent to the users' losses, with a dedicated wallet containing 775.11 BTC and 5766.62 ETH awaiting approval from South Korean authorities. This move aims to resolve the liquidity crisis that has affected GoFi since 2023.
Following the compensation, Binance intends to enhance Gopax's technology and security, potentially integrating it into the Binance brand. The company also plans to focus on stablecoins, real-world asset tokenization, and institutional services in South Korea, including launching won-pegged stablecoins and security tokens. Despite regulatory challenges regarding shareholder stakes, Binance is committed to achieving market leadership in South Korea within the next three to five years.
Binance to Repay GoFi's Debt and Target South Korean Market Leadership
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