Binance has successfully overcome regulatory hurdles to finalize its acquisition of South Korean crypto exchange Gopax, marking a strategic return to a key market, according to a local publication.
The breakthrough came after South Korea's Financial Intelligence Unit approved a change in Gopax's top executives, a request that had been pending since Binance first acquired a majority stake in February 2023.
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The approval, delayed for more than two years due to concerns related to anti-money laundering, marks a new beginning for Binance in South Korea.
Local reports suggest that the resolution of Binance's major regulatory compliance issues in the US, including a $4.3 billion settlement with the Department of Justice, was a critical factor in gaining the trust of Korean regulators.
This move effectively paves the way for the world's largest crypto platform to re-enter the market it exited in 2021.