FTX Collapse Raises Doubts Over Busan City's Crypto Exchange Plans
The Busan City Administration has signed agreements with several crypto firms, including Binance, Huobi Global, Crypto.com, as well than struggling FTX exchange.
New
The FTX crash appears to have affected not only businesses and investors, but entire cities that had previously partnered with the struggling cryptocurrency exchange.
South Korea's second-largest city, Busan, is reportedly reconsidering plans to build a local crypto exchange following the collapse of FTX, local news agency Yonhap reported on Monday. November 23.
The government and financial authorities in Busan are increasingly concerned about the concept of a public-private digital exchange amid the FTX contagion.
"Given various conditions, it is unreasonable for the city of Busan to promote the establishment of a digital asset exchange," a Busan city official reportedly said.
The South Korean city has been engaged for a few months in the establishment of a local exchange of digital assets, signing several agreements with crypto exchanges. Building such a platform as a model of public-private partnership was reportedly a promise from Busan Mayor Park Hyung-joon.
In August 2022, the Busan City Administration announced a partnership with FTX, planning to build the Busan Digital Asset Exchange as part of the city's ambitions to become a digital financial center in Asia.
Busan then also partnered with crypto exchange Huobi Global, which has had a local office in South Korea since 2019. In October, Busan expanded its crypto partnerships with exchange Crypto.com.< /p>
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The Busan City Administration has signed agreements with several crypto firms, including Binance, Huobi Global, Crypto.com, as well than struggling FTX exchange.
New
The FTX crash appears to have affected not only businesses and investors, but entire cities that had previously partnered with the struggling cryptocurrency exchange.
South Korea's second-largest city, Busan, is reportedly reconsidering plans to build a local crypto exchange following the collapse of FTX, local news agency Yonhap reported on Monday. November 23.
The government and financial authorities in Busan are increasingly concerned about the concept of a public-private digital exchange amid the FTX contagion.
"Given various conditions, it is unreasonable for the city of Busan to promote the establishment of a digital asset exchange," a Busan city official reportedly said.
The South Korean city has been engaged for a few months in the establishment of a local exchange of digital assets, signing several agreements with crypto exchanges. Building such a platform as a model of public-private partnership was reportedly a promise from Busan Mayor Park Hyung-joon.
In August 2022, the Busan City Administration announced a partnership with FTX, planning to build the Busan Digital Asset Exchange as part of the city's ambitions to become a digital financial center in Asia.
Busan then also partnered with crypto exchange Huobi Global, which has had a local office in South Korea since 2019. In October, Busan expanded its crypto partnerships with exchange Crypto.com.< /p>
P...
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