sources<\/a>, Rep. Min Byung-dug of the ruling Democratic Party of Korea directly questioned Financial Services Commission Chairman Lee Eog-won during a National Policy Committee hearing, asking why Binance\u2019s acquisition of GOPAX was approved without a clear repayment plan in place.<\/p>\n\u201cThis is a merger not backed by capital,\u201d Min asserted, implying that Binance may have secured GOPAX through influence or promises rather than through substantial financial commitments. He futher emphasized that full compensation to GoFi victims was a core condition tied to Binance\u2019s acquisition of GOPAX, yet no concrete repayment roadmap has been presented to date.<\/p>\n
Byung-dug\u2019s comments echoed growing frustration among nearly 3,000 GoFi users whose funds, totaling $106 million, remain stuck.\u00a0The assets were tied to Genesis Global Capital, a key lending partner of GOPAX\u2019s GoFi yield program, which suspended withdrawals following the market turmoil triggered by the collapse of FTX.\u00a0<\/p>\n
When Genesis halted redemptions, GOPAX\u2019s GoFi accounts became locked, leaving investors unable to access their deposits. According to a GOPAX creditor, victims are still waiting for a clear timeline or official response.\u00a0<\/p>\n
<\/p>\n
Meanwhile, GOPAX has maintained that it is committed to protecting users\u2019 assets and fulfilling compensation obligations, adding that it will give details on timeline and process once they reach an agreement.\u00a0<\/p>\n
Binance\u2019s next move could set market precedent<\/h2>\n
The renewed scrutiny comes after Binance finally completed its long-delayed acquisition of GOPAX earlier this month, clearing regulatory hurdles that had stalled the deal for over two years. The exchange initially agreed to acquire the South Korean exchange in early 2023 as part of a regional expansion plan. However, the Korea Financial Intelligence Unit (KoFIU) had blocked the acquisition, citing its past regulatory violations in the US, France, and India.<\/p>\n
Approval was only granted after Binance reportedly resolved compliance issues with US authorities. Lawmakers now argue that the deal should have required immediate compensation of GoFi users as a condition for finalization.<\/p>\n
Notably, Binance has previously compensated users in times of crisis. In October, the exchange reimbursed approximately $283 million to users impacted by a sudden market crash and token de-pegging event.<\/p>\n
As calls for accountability mount, the exchange\u2019s response to the situation could set a precedent for how global crypto firms handle user protections after mergers. A timely and transparent resolution may help rebuild trust while inaction risks triggering further regulatory blowback in one of Asia\u2019s most active crypto markets.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Binance is facing renewed scrutiny from South Korean lawmakers after a parliamentary hearing this week reignited calls for the exchange to compensate victims of GOPAX\u2019s failed GoFi deposit program. Summary…<\/p>\n","protected":false},"author":1,"featured_media":1993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-13912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/13912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=13912"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/13912\/revisions"}],"predecessor-version":[{"id":13913,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/13912\/revisions\/13913"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/1993"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=13912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=13912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=13912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}