Cryptocurrency exchange Binance has completed its due diligence on the acquisition of South Korean exchange Gopax and has returned to the South Korean market.

The acquisition was originally announced in December 2021 but was delayed due to final negotiations.

Binance CEO Changpeng Zhao has previously expressed interest in re-entering the South Korean market, which is home to one of the world’s major crypto economies.

Binance is in the final stages of negotiations to acquire a majority stake in Gopax, which is currently owned by CEO Lee Jun-haeng.

The South Korean government has implemented strict regulations on overseas virtual asset providers in an effort to combat money laundering and protect local investors.