GOPAX Trading Suspension Continues as Exchange Completes Cold Storage Migration

On November 6, 2026, South Korean crypto exchange GOPAX suspended deposits, standard withdrawals and trading after receiving an unverified email threat. The platform canceled all open orders and began moving customer assets from hot wallets to cold storage as a security precaution.

GOPAX Trading Suspension Details and Timeline

GOPAX halted deposits and normal withdrawals at approximately 2:55 p.m. KST on November 6. Trading stopped two hours later at 3:53 p.m. KST. More than 75 hours later, on November 9, no trading had resumed and no restart date had been announced. The exchange detected no actual intrusion or asset loss at the time of the announcements.

Standard web and app withdrawal functions remain disabled. Users must submit requests through customer support channels for manual processing and verification. These requests face sequential handling and potential delays. Withdrawals are restricted to registered personal wallets. Support options such as KakaoTalk and phone lines underwent temporary inspections, leaving email as the primary contact method.

The exchange stated that services will resume only after threats are verified and systems are confirmed secure. No specific criteria or timeline for resumption has been released. Manual withdrawals continue on a case-by-case basis in the interim period.

Background on GOPAX Asset Storage and Regulatory Context

At the end of September 2026, GOPAX held 80.54 percent of customer assets in cold storage, meeting South Korea’s legal minimum of 80 percent but ranking lowest among major domestic exchanges. The operator, Streami, is 67.45 percent owned by Binance. Recent cybersecurity incidents in Korean finance, including earlier GOPAX incidents affecting nine individuals and a reported $6.3 billion hot-wallet theft attributed to North Korean actors, prompted regulators at the FSC and FSS to urge stronger cold-storage practices.

The November 6 suspension aligns with these regulatory recommendations. The exchange cited the precautionary migration to offline wallets as the direct reason for halting operations. Full migration to cold storage is intended to reduce exposure to internet-connected systems during the assessment period.

Market participants note that similar security-driven halts at other platforms have lasted from several days to multiple weeks, depending on verification outcomes. GOPAX has not indicated whether partial services such as limited withdrawals will expand before full trading resumes.

User Options and Next Steps for GOPAX Customers

Customers seeking withdrawals must prepare detailed requests including wallet addresses and verification documents. Processing occurs manually and sequentially, which may extend wait times beyond normal service levels. The exchange continues to advise users to monitor official announcements through its help center for updates on service restoration.

Regulators have not issued additional public statements beyond prior guidance on cold-storage requirements. Industry observers expect further clarity once the threat assessment concludes and the asset migration reaches completion. No official statements from Binance regarding its stake in Streami have been released in connection with the current events.

Market data providers have recorded no abnormal price movements on GOPAX pairs since trading ceased. The exchange remains accessible for account login and support ticket submission while the migration proceeds.