Binance-backed exchange Gopax halts trading after receiving hacking threats

Gopax, a South Korean crypto exchange backed by Binance, temporarily suspended its trading and deposit and withdrawal services on Nov. 6 after receiving threats of a potential hacking attack.

The exchange said it had taken preventive measures in response to financial authorities’ recommendations to protect customer funds and reinforce its security systems. It plans to transfer all customer-held virtual assets to offline cold wallets to reduce exposure to potential cyberattacks.

The move follows a series of security incidents affecting South Korea’s crypto industry and financial sector. Pravang reported the theft of approximately 100 million won worth of virtual assets on Oct. 24, while Bithumb suffered a data breach on Oct. 27 that affected information belonging to 6,444 customers and 715 employees.

Concerns have also intensified following Binance’s Oct. 29 hacking incident, which resulted in approximately $6.3 billion in reported damages.

Binance holds a controlling stake in GOPAX, owning roughly 67% of Streami, the operator of the South Korean exchange. The ownership change was formally recognized by South Korea’s Financial Intelligence Unit in October 2025.

The world’s largest crypto exchange initially acquired the majority stake in February 2023 through its Industry Recovery Initiative. The investment was intended to help GOPAX recover from the GoFi deposit-product crisis, which was triggered by the insolvency of Genesis Global Capital and left customers unable to access their funds.

Gopax is among South Korea’s five major won-denominated crypto exchanges, alongside Upbit, Bithumb, Coinone, and Korbit.