Syntax: MATCH(lookup_value,lookup_array,match_type)
If match_type is 1, MATCH finds the largest value that is less than or equal to lookup_value. The argument lookup_array must be placed in ascending order: ...-2, -1, 0, 1, 2, ..., A-Z, FALSE, TRUE.
Approximate Match option will always return results on binary search. MATCH is not the only function which lets you do approximate match e.g. VLOOKUP also has this option.