Busan Crypto Exchange Moves Forward Without Global Partners

1 min read

South Korea’s Busan City announced Monday the creation of a steering committee for its flagship digital asset platform. However, it did not include the majority of global exchanges that had previously partnered with Busan.

Quick facts

  • The steering committee is made up of 18 local experts on blockchain. However, there are no representatives from Binance, Crypto.com or Gate.io. These exchanges had earlier this year agreed to help Busan set up its first official digital asset trading platform. Local media speculate that global exchanges may have pulled out.
  • Huobi Global, which was one of the original five supported exchanges, was included through Huobi Korea’s arm. FTX.com, which is currently bankrupt, was the other supporter.
  • One member of the steering group, who did not wish to be identified, stated to Forkast that Binance and other exchanges would not be part of Busan’s crypto exchange development.
  • The committee member stated that the decision was influenced by “the problems with FTX” and other global exchanges.
  • An unnamed spokesperson for Busan told Forkast that the exclusion of the committee does NOT mean that the global exchanges have stopped working with Busan’s crypto project.
  • He stated that global partnerships were meant to provide liquidity for the initial exchange, but were not essential to its development.
  • Binance’s spokesperson, who did not wish to be identified, said that it was involved in the exchange. However, it would only tell Forkast about its partnership with Busan to educate city officials about blockchain technology.
  • According to local media reports, Busan’s cryptocurrency exchange will open in 2023. It aims to offer trading, token reviews, listing and monitoring, and custody.
  • Busan, South Korea’s 2nd largest city, was named the representative blockchain city of the country in 2019.

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Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.

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