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FTX collapse triggers second thoughts on Busan City's crypto exchange plans

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cointelegraph.com

The FTX crash appears to have affected not only companies and investors but also entire cities that previously became partners of the troubled cryptocurrency exchange.South Korea’s second-largest city, Busan, is reportedly reconsidering its plans to build a local crypto exchange as a consequence of the FTX collapse, the local news agency Yonhap reported on Nov.

23.The government and financial authorities of Busan have become increasingly concerned about the concept of a public-private digital exchange amid the FTX contagion.“In view of various conditions, it is unreasonable for the city of Busan to promote the establishment of a digital asset exchange,” a Busan City official reportedly stated.The South Korean city has been engaged in establishing a local digital asset exchange for a few months, signing multiple agreements with crypto exchanges.

Building such a platform as a public-private partnership model was reportedly a pledge of Busan Mayor Park Hyung-joon.In August 2022, the city administration of Busan 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 hub in Asia.Busan then also partnered with Huobi Global crypto exchange, which has had a local office in South Korea since 2019.

In October, Busan extended its crypto partnerships with Crypto.com exchange.Previously, Busan also signed a memorandum of understanding with Binance, aiming to deploy Busan’s blockchain regulatory-free zone to promote blockchain initiatives and businesses.Busan City was officially designated a status of a regulation-free zone for blockchain technologies in July 2019, planning to adopt various blockchain applications in industries like tourism,

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