Binance Asia-Pacific head SB Seker (SB 세커) plans to complete compensation for GoFi users within this year, The Block reported on Jan. 30 local time.

Seker said, "All stakeholders want to wrap up the compensation case," and added, "We are ready to finalise the compensation issue and prepare to rebuild Gopax anew."

GoFi suffered a prolonged liquidity crisis after withdrawals were halted due to the 2023 bankruptcy of Genesis Global Capital, and Binance acquired a stake in Gopax in February that year.

However, compensation measures have been delayed due to a prolonged approval process by South Korean financial authorities. With the acquisition approved late last year, Binance plans to soon disclose a wallet address for compensation.

Compensation will be made based on the same quantity rather than the amount at the time. The Block said this means more compensation will ultimately be paid because asset prices have risen.

Binance is currently coordinating additional government-agency approval procedures and a distribution plan aimed at minimising costs.

Seker said Binance plans to improve Gopax to meet Binance’s global security and technology standards, and that future operational improvements will be decided depending on circumstances. It is also reviewing the distribution of won-pegged stablecoins and real-world asset (RWA) tokens, and expanding services for institutional investors.

He said, "South Korea is the most mature digital asset market in Asia," and added, "Within the next 1 to 3 years, we will compete for the biggest position in this market."