Binance sets 2026 target for GoFi restitution as it eyes South Korea’s top spot
South Korea’s digital-asset market may undergo a significant shift in 2026 as Binance moves to resolve a long-running issue tied to its local affiliate, Gopax. Speaking to The Block, Binance Asia-Pacific lead SB Seker said the exchange is targeting completion of restitution for users of Gopax’s suspended lending product, GoFi, within the year. If achieved, the plan would mark the end of a multi-year liquidity crunch that has weighed on Gopax and limited Binance’s ambitions in the country.
Meeting the 2026 GoFi repayment timeline could prove pivotal for Binance’s domestic strategy. Closing this chapter would help restore user trust, stabilize operations, and potentially clear regulatory and reputational hurdles. With restitution complete, Binance would be better positioned to compete head-on with South Korea’s dominant local exchanges, intensifying competition in one of Asia’s most active crypto markets.
Gopax’s GoFi freeze and the path to repayment
In 2023, Gopax’s GoFi halted withdrawals following turmoil at lending partner Genesis Global Capital, which later filed for Chapter 11 in January 2023. A U.S. court subsequently approved Genesis’s wind-down plan in 2024, shaping broader creditor recoveries and context for GoFi-linked claims. Binance stepped in and acquired a majority stake in Gopax in February 2023, with its formal South Korean regulatory approval arriving in October 2025, paving the way for a structured restitution plan.
What the repayment could cover (assets vs. fiat)
According to reporting citing a recent Gopax notice, the restitution wallet holds the same quantities of assets lost (e.g., ~775.11 BTC, ~5,766.62 ETH, ~706,184.46 USDC across 11 tokens), rather than their fiat value at the time of the freeze—capturing price appreciation since 2023. Binance has indicated it will disclose the wallet address and is working through final government approvals and distribution mechanics to minimize costs for users.
Strategy: competing for the top spot in Korea
After resolving repayments, Seker said Binance will stabilize and upgrade Gopax using Binance’s technical and security standards and roll out a non-controversial product suite already present in the market. With approval in hand, Binance can re-enter a competitive field dominated by large local platforms, and the company says it intends to challenge for market leadership.
“Alignment” on closing the chapter
Seker described broad alignment among users, Binance, regulators, and other stakeholders to finish the process: “We’re definitely looking to try and finish this off this year; it’s been hanging over everybody’s heads for some time… everyone wants to close this chapter.” The interview lays out the clearest public timeline to date and ties operational upgrades at Gopax to the end of repayments.
Timeline and approvals for Binance GoFi repayment 2026
2023 (Jan)
Genesis Global Capital files Chapter 11; GoFi freezes withdrawals.
2023 (Feb)
Binance agrees to acquire majority stake in Gopax.
2024 (May)
Court signs off on Genesis wind-down plan, reinforcing creditor-first recoveries.
2025 (Oct)
KoFIU approves Binance’s Gopax acquisition; Binance re-enters South Korea.
2026
Binance targets completion of GoFi restitution and a product upgrade push.
What could accelerate Binance GoFi repayment 2026
Swift inter-agency approvals for distribution mechanics.
Transparent on-chain disclosure of the restitution wallet.
Coordination between Gopax, custodians, and regulators to minimize user costs.
Context & Analysis
South Korea’s KoFIU approval in 2025 allowed Binance to re-enter a tightly regulated market after a prolonged review. The choice to mirror asset quantities (not fiat) aligns with creditor-friendly outcomes seen in Genesis’s wind-down, where courts affirmed current-value considerations for repayments. If Binance meets its 2026 target and deploys a competitively priced, compliant product set via Gopax, it could pressure incumbent market share particularly in spot markets where Korean retail flow is active.
Concluding Remarks
Completing GoFi repayments would lift the biggest shadow hanging over Gopax since its 2023 freeze and give Binance a fresh start to expand in South Korea. Closing this issue would help rebuild confidence among users and regulators, while removing a major obstacle that has limited growth and strategic momentum in the local market.
To meet the 2026 repayment target, several key steps still lie ahead. These include transparent public wallet disclosures, securing approvals from relevant agencies, and publishing a clear, time-bound distribution schedule. Together, these milestones will be critical for restoring credibility and supporting Binance’s push toward market leadership.
FAQs
Q : When will GoFi users be repaid?
A : Binance is targeting completion of GoFi user repayments in 2026, subject to final regulatory approvals and the completion of distribution mechanics.
Q : What assets will be returned?
A : Reports suggest users will receive the same crypto asset quantities they lost (such as BTC, ETH, and USDC), rather than fiat values calculated at the time of the freeze.
Q : Why were withdrawals frozen in 2023?
A : Withdrawals were halted after GoFi’s partner, Genesis Global Capital, suspended withdrawals and later filed for Chapter 11 bankruptcy.
Q : Has Binance re-entered the Korean market?
A : Yes. In October 2025, South Korea’s KoFIU approved Binance’s acquisition of Gopax, clearing the path for re-entry.
Q : Will repayments reflect crypto price gains?
A : Since repayments are based on asset quantities instead of fiat value, users could benefit from crypto price appreciation since 2023, pending final terms.
Q : How does this support Binance’s growth plan?
A : Completing repayments would allow Binance to shift focus toward product upgrades and competing for market leadership in South Korea.
Q : Does the article explicitly mention “Binance GoFi repayment 2026”?
A : Yes. The plan is directly referenced as Binance GoFi repayment 2026 in official statements and media coverage.
Facts
Event
Binance outlines plan to complete GoFi restitution and pursue market leadership in South Korea.Date/Time
2026-01-30T10:00:00+05:00Entities
Binance; Gopax (GoFi); South Korea’s KoFIU (FSC); Genesis Global Capital.Figures
Wallet reportedly holds ~775.11 BTC, 5,766.62 ETH, 706,184.46 USDC (plus other assets); exact quantities mirror losses.Quotes
“We’re definitely looking to try and finish this off this year… everyone wants to close this chapter.” SB Seker, Head of APAC, Binance.Sources
The Block “Binance seeks top spot in South Korean market…”; Reuters/AP/WSJ Genesis bankruptcy & wind-down approvals.