Binance to Help Busan Develop Its Blockchain Industry
- The exchange has signed a memorandum of understanding with the South Korean city to help it develop its blockchain ecosystem, and promote crypto adoption in the area.
- Binance has agreed to provide Busan with technological and infrastructure support, as well promote its Busan Digital Asset Exchange.
Binance CEO Changpeng Zhao speaking at a conference. CoinDesk
Popular cryptocurrency exchange Binance has signed a memorandum of understanding (MoU) with the South Korean city of Busan to help it develop its blockchain ecosystem, the company said in a press release on 26 August.
According to the announcement, Binance has agreed to support the efforts to boost crypto adoption in the Busan by providing the city with the technological and infrastructure support needed for the development of Busan’s blockchain ecosystem. The company has also agreed to promote the Busan Digital Asset Exchange in addition to order book sharing. The founder and CEO of Binance, Changpeng “CZ” Zhao, said in a statement:
“We are happy to be working with the City of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts. 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.”
In order to develop and grow this sector in Busan, Binance plans to use the city’s blockchain regulatory-free zone to promote a variety of initiatives and businesses. The exchange will not only provide specialized education and online resources from the Binance Academy, but also support blockchain-related research and investments in the city.
Binance noted that it plans to set up an office in Busan by the end of the year, which is expected to serve as a “driving force” for the city to become one of Asia’s digital hubs. The Mayor of Busan, Heong-Joon Park, explained that making the city a blockchain-specialized hub and launching a digital asset exchange will attract “worldwide attention”, which will boost its local economy and help its citizens.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- One of the largest South Korean commercial banks, KEB Hana Bank, partnered with crypto custodian BitGo in order to set up a new crypto custody venture in the country.
- The new venture, which will use BitGo’s crypto security expertise and Hana’s experience in financial services and compliance, is expected to launch in the second half of 2024.
- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.