Leading crypto exchange Binance has acquired a majority stake in South Korea-based GOPAX exchange, Bloomberg reports.

Binance has been working to re-enter the South Korean market since it shuttered operations in 2021. As a result, it reportedly completed the due diligence needed to acquire GOPAX on Jan. 2.

Binance has acquired a majority stake in the GOPAX exchange, according to Bloomberg. The deal saw Binance purchase about 41.2% of the company’s stake from its largest shareholder, Lee Jun-hung.

Funding for the purchase was made from the $1 billion Industry Recover Initiative — a co-investment project led by Binance, Bloomberg reported.

Binance chief business officer Yibo Ling said that the acquisition would see Binance inject capital into the exchange so that customer withdrawals …