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Crypto Regulation

Binance-Controlled GOPAX Halts Trading, Requires Email Requests for Crypto Withdrawals

GOPAX, the South Korean crypto exchange controlled by Binance, has stopped trading and now processes crypto withdrawals only through emailed requests to its support desk. The exchange cited a recommendation from financial authorities and did not give a date for reopening. Users must contact support by email to withdraw their crypto assets.

Original source

AI take

The operative signal here is process, not policy: routing withdrawals through emailed support requests turns a routine function into a manual, discretionary channel, which is exactly the kind of friction that tests user confidence during a halt. South Korea's regulatory recommendation gives the exchange cover, but the absence of a reopening date leaves depositors dependent on an opaque queue. The question worth watching is whether this stays a short administrative pause or becomes a longer wind-down pattern for Binance's Korean foothold — and whether other exchanges under similar regulatory pressure adopt the same email-request template.

Generated by AI for reference only.

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