Delay Driven by AML Concerns and Executive Suitability Review

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The FIU’s long review of Binance’s GOPAX acquisition centered on suitability checks for majority shareholders. South Korean law prohibits individuals convicted of crimes such as money laundering or terrorism financing from operating crypto businesses.

Binance’s regulatory issues in the US contributed to caution: in June 2023, the SEC sued Binance for illegal services and fund misuse, imposing fines of around $4.3 billion. The DOJ and Treasury also filed charges, all later dropped after settlements.

Now, with US legal matters resolved, the FIU appears ready to move forward, signaling potential approval later this year and a strategic entry into South Korea for Binance.