Overview
- At a National Policy Committee hearing on Oct. 21, Rep. Min Byung-dug questioned FSC Chairman Lee Eog-won over the GOPAX approval without a clear plan to repay GoFi investors.
- Roughly 3,000 GoFi customers still cannot access about $106 million tied to Genesis Global Capital, which halted redemptions during the 2022 market turmoil linked to FTX.
- GOPAX says it is committed to protecting users’ assets and will announce the compensation process and schedule once an agreement is reached.
- KoFIU had stalled Binance’s bid since 2023 over past violations, with approval granted only after reported resolution of U.S. compliance issues and the acquisition closing in mid-October 2025.
- Lawmakers argue compensation should have been a condition of the deal and point to Binance’s prior user reimbursements, including about $283 million after an October market event, as precedent.