Following the implementation of the "Virtual Asset User Protection Act," South Korean cryptocurrency exchange Gopax has signed a virtual asset commercial liability insurance policy with Samsung Fire & Marine Insurance, which covers accidental incidents such as hacker attacks. Under the "Virtual Asset User Protection Act," exchanges are required to store more than 80% of their coins in cold wallets. For cases where the value of virtual assets stored in hot wallets connected to the internet exceeds 5%, insurance must be registered or a portion of retained earnings must be set aside as a reserve.

Binance has announced plans to reduce its shareholding in Gopax, one of South Korea's largest crypto exchanges. Binance had acquired a majority stake in Gopax in February 2020 to re-enter the South Korean crypto market, but faced setbacks from regulators. Binance plans to sell its shares in Gopax to address issues related to changes in virtual asset business operators reporting requirements, and will convert the loan paid as GoFi repayment into equity and sell part of the stake to resolve the issue. The reduction in stake is a preemptive measure while seeking meaningful dialogue with financial authorities.