Core Insights - South Korea's Financial Intelligence Unit has approved Binance's acquisition of a majority stake in GOPAX, allowing Binance to re-enter the Korean market after a two-year regulatory delay [1][4] - The approval enables Binance to take control of GOPAX, resume operations in Korea, and fulfill repayment commitments to users [1][3] - GOPAX is collaborating with Binance to enhance management stability and address issues stemming from the collapse of its GOFi lending product [2][3] Regulatory Context - The approval process for GOPAX's leadership changes had been pending since March 2023, primarily due to concerns regarding Binance's compliance history and the legal issues faced by its founder, Changpeng Zhao [4][5] - Korean regulators evaluated Binance's compliance with fitness standards for controlling a licensed exchange, indicating that past issues have been addressed [6][7] Market Dynamics - Binance's entry into the Korean market is expected to bring liquidity, technology, and cost advantages, although it will face competition from established local exchanges, Upbit and Bithumb, which hold approximately 72% and 24% of the market, respectively [5] - Analysts suggest that the regulatory approval signifies closure rather than disruption, with structural limitations likely to restrict Binance's immediate market impact [6]