South Korean exchange Gopax, majority-owned by Binance since 2023, suspended deposits, withdrawals and trading at 2:55 p.m. local time on November 6 after receiving an email threatening a hack.

The exchange said it is moving all virtual assets from hot wallets to cold storage. Direct withdrawals through the website and app are unavailable; customers can still file withdrawal requests through support, which will be processed manually after internal verification.

Gopax said no actual breach or hacking attempt has been identified so far, calling the shutdown a preventive step taken in line with recommendations from financial authorities.

Upbit, Bithumb and DigitalX warned users about sending funds to Gopax and said they may restrict transfers to the exchange if the situation develops. The move comes weeks after Gopax apologized over an earlier breach disclosed by a regulator.