{"id":514586,"date":"2022-11-23T11:30:33","date_gmt":"2022-11-23T08:30:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ftx-collapse-triggers-second-thoughts-on-busan-citys-crypto-exchange-plans\/"},"modified":"2022-11-23T11:30:33","modified_gmt":"2022-11-23T08:30:33","slug":"ftx-collapse-triggers-second-thoughts-on-busan-citys-crypto-exchange-plans","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ftx-collapse-triggers-second-thoughts-on-busan-citys-crypto-exchange-plans\/","title":{"rendered":"# FTX collapse triggers second thoughts on Busan City&#8217;s crypto exchange plans"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2d20df8b9d1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2d20df8b9d1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ftx-collapse-triggers-second-thoughts-on-busan-citys-crypto-exchange-plans\/#%E2%80%9D_FTX_collapse_triggers_second_thoughts_on_Busan_Citys_crypto_exchange_plans_%E2%80%9C\" >&#8221; FTX collapse triggers second thoughts on Busan City&#8217;s crypto exchange plans &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_FTX_collapse_triggers_second_thoughts_on_Busan_Citys_crypto_exchange_plans_%E2%80%9C\"><\/span>&#8221; FTX collapse triggers second thoughts on Busan City&#8217;s crypto exchange plans &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvODE2NGUzYmItMjMwYy00MTkyLWE2MGMtNmU1ZjE0ZWU5ZjI2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5129e2ea>The FTX crash <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to have affected not only companies and investors but also entire cities that previously became partners of the troubled cryptocurrency exchange.<\/p>\n<p>South Korea\u2019s second-largest city, Busan, is reportedly reconsidering its plans to build a local crypto exchange as a consequence of the FTX collapse, the local <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> agency Yonhap <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.yna.co.kr\/view\/AKR20221123055400051\">reported<\/a> on Nov. 23.<\/p>\n<p>The government and financial authorities of Busan have become increasingly concerned about the concept of a public-private digital exchange amid the FTX contagion.<\/p>\n<p>\u201cIn view of various conditions, it is unreasonable for the city of Busan to promote the establishment of a digital asset exchange,\u201d a Busan City official reportedly stated.<\/p>\n<p>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.<\/p>\n<p>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\u2019s ambitions to become a digital financial hub in Asia.<\/p>\n<p>Busan then also partnered with Huobi Global crypto exchange, which has had a local office in South Korea since 2019. In October, Busan <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/crypto.com\/company-news\/crypto-com-signs-mou-with-the-city-of-busan\">extended<\/a> its crypto partnerships with Crypto.com exchange.<\/p>\n<p>Previously, Busan also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.binance.com\/en\/blog\/ecosystem\/binance-signs-mou-with-the-city-of-busan-to-further-foster-blockchain-industry-development-6215313439848509433\">signed<\/a> a memorandum of understanding with Binance, aiming to deploy Busan\u2019s blockchain regulatory-free zone to promote blockchain initiatives and businesses.<\/p>\n<p>Busan City was officially <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.busan.go.kr\/eng\/bsnews01\/1390496\">designated<\/a> a status of a regulation-free zone for blockchain technologies in July 2019, planning to adopt various blockchain applications in industries like tourism, finance, logistics and public safety. The local government has been actively pursuing its blockchain plans since, launching the development of a blockchain-based digital currency in collaboration with telecom giant KT in late 2019.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>South Korea investigates crypto exchanges for listing native tokens<\/em><\/strong><\/p>\n<p>Previously, Busan was also involved in cooperation with the local crypto wallet pioneers like Hyundai Pay as well as developing blockchain-enabled virtual power plants.<\/p>\n<p>According to the latest report, Busan City doesn\u2019t give up on its blockchain goals despite possibly dropping its crypto exchange plans.<\/p>\n<p>\u201cSince Busan has been designated as a blockchain regulation-free zone, we will seek various ways to develop Busan into a financial center by utilizing it,\u201d a local official reportedly said.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ftx-collapse-triggers-second-thoughts-on-busan-city-s-crypto-exchange-plans\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; FTX collapse triggers second thoughts on Busan City&#8217;s crypto exchange plans &#8220; 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\u2019s second-largest city, Busan, is reportedly reconsidering its plans to build a local crypto exchange as&#8230;<\/p>\n","protected":false},"author":1,"featured_media":514587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvODE2NGUzYmItMjMwYy00MTkyLWE2MGMtNmU1ZjE0ZWU5ZjI2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74860,135234,80064,74355,117,72420],"class_list":["post-514586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrency-exchange","tag-ftx","tag-partnership","tag-adoption","tag-business","tag-south-korea"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=514586"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514586\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/514587"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=514586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=514586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=514586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}