South Korea’s Financial Intelligence Unit has approved Binance’s acquisition of a majority stake in local crypto exchange GOPAX, ending a regulatory deadlock that had kept the company out of the Korean market for more than two years.

The approval paves the way for Binance to take control of GOPAX, resume operations in South Korea, fulfill repayment obligations to users, and compete with established domestic exchanges.

The decision was finalized on Wednesday and reported Thursday by local media outlet MK.