Binance Pushes Crypto Adoption to South Korean City, Signs MoU

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  • Binance has signed an agreement with the city of Busan in South Korea to establish a digital asset exchange.
  • Busan will cooperate with administrative support for Binance to enter the Korean market.
  • Busan is a blockchain regulatory-free zone.

Binance, the largest cryptocurrency exchange, has signed a Memorandum of Understanding (MoU) with the city of Busan in South Korea. This development came in a tweet by the Binance CEO early today.

By terms of the agreement, Binance will provide technical and infrastructural support to the city of Busan to foster the growth of the city’s blockchain ecosystem and the Busan Digital Asset Exchange. In exchange, Busan will cooperate with administrative support for Binance to enter the Korean market.

Interestingly, both parties will share the same order book upon establishing the proposed Busan exchange to provide liquidity for the startup.

According to Korean media, a city official said they chose to “promote various projects using Busan’s blockchain regulatory free zone to foster the local blockchain industry.”

The crypto exchange plans to grow and support Busan City’s blockchain industry by encouraging investments, research, online tools, and blockchain instruction from its Binance Academy. Other initiatives to foster societal well-being, including planning the 2022 Busan Blockchain Week (BWB 2022), will be via the Binance Charity.

Changpeng Zhao, CEO of Binance, said:

Through our industry-leading position and technological expertise, combined with the City of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond.

Park Heong-Joon, the mayor of Busan, added, “with this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a globally integrated platform for digital assets.”

Binance is expected to set up a South Korean office in Busan later this year.

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