Huobi to Support Busan’s Digital Asset Exchange
- Huobi has become the third major cryptocurrency exchange to help Busan with the development of its blockchain ecosystem and digital asset exchange.
- The company has also agreed to attract more than 1,500 blockchain professionals from overseas, as well as move its local office from Seoul to Busan by the end of the year.
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Crypto exchange Huobi Global and its South Korean branch have agreed to assist the city of Busan with the development of its digital asset exchange, the companies said via Twitter on 14 September.
According to the announcement, Huobi has signed a memorandum of understanding (MoU) with the Busan Metropolitan City government, becoming the latest major crypto exchange to participate in the development and growth of the local blockchain industry. The company will also assist the South Korean city with the establishment of its first crypto exchange, the Busan Digital Currency Exchange. The Mayor of Busan, Park Hyung-jun, said in a statement:
“With this agreement, we have gained momentum to promote the Busan Digital Asset Exchange based on the technology and experience of Huobi, a global digital asset exchange. We will do our best to make it a specialized city and a global digital finance hub.”
As per the agreement, Huobi will provide the city with research and development, technological, and financial support for the upcoming exchange, as well as help it attract more than 1,500 blockchain professionals from overseas. The exchange has also agreed to invest, support, and promote various blockchain projects in Busan.
The exchange started operating in the area in 2019, when it established a local office in South Korea, and is regulated under a license issued by the Korean Financial Services Commission (FSC) in 2021. In order to better support the growth of the local blockchain industry and community, Huobi is planning to move its South Korean office from Seoul to Busan by the end of the year.
Huobi has become the third major cryptocurrency exchange to support the development of Busan’s blockchain industry. Both Binance and FTX singed similar agreements with the South Korean city back in August, and are now expected to establish local offices as part of their deals.
- 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.
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- The Securities Commission Malaysia ordered Huobi Global to stop all of its activities in the country as it was not registered with the regulator, and was operating illegally.
- The exchange was also directed to disable its website and mobile applications, as well as cease all advertising of its products and services in the country.
- The now arrested Terraform Labs CEO had reportedly converted the majority of his illicit funds into BTC using foreign exchanged not under the jurisdiction of South Korea.
- While none of the assets tied to Do Kwon were recoverable, South Korean authorities continue to seize assets and properties tied to other executives of Terra.