- Busan city announces steering committee for digital asset exchange development.
- Huobi global’s Korea arm is part of the steering committee.
- Binance, Crypto.com, and Gate.io see no mention.
On Monday, Busan, South Korea, unveiled the members of the steering committee that would guide the development of the city’s flagship digital asset exchange. However, the announcement doesn’t mention any of the global exchanges reportedly collaborating with Busan on the project.
Back in August, Binance signed a memorandum of understanding (MoU) with Busan, South Korea, to help the city develop its blockchain ecosystem and promote the Busan Digital Asset Exchange. Crypto.com and Gate.io were two other companies reportedly collaborating with Busan besides Binance.
While 18 local blockchain experts are included on the steering committee, no one from Binance, Crypto.com, Gate.io, or any of the other three exchanges that committed earlier this year to assist Busan in launching the city’s first official digital asset exchange is there. Local news reports speculated that global exchanges had backed out.
The steering committee only named Huobi as one of the original five institutions that were part of the initiative. The other exchange was the now-bankrupt FTX.com. According to an unnamed committee member, the exchanges, not a part of the committee, wouldn’t be a part of the project.
“The problems with FTX and other major global exchanges seem to have influenced [the decision],” the committee member noted.
Meanwhile, a Busan city spokesperson added that being excluded from the committee did not indicate not being part of the overall initiative. The exchanges, the spokesman said, were not part of the platform’s development, but rather, they would help provide the initial liquidity to the city’s exchange.
Last week, a South Korean news outlet reported that Binance was not a steering committee member. However, a Busan city government official refuted those claims, stating no confirmation of Binance backing out.
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