{"id":162990,"date":"2022-08-31T21:38:28","date_gmt":"2022-08-31T21:38:28","guid":{"rendered":"https:\/\/precoinnews.com\/?p=162990"},"modified":"2022-08-31T21:38:28","modified_gmt":"2022-08-31T21:38:28","slug":"after-binance-ftx-signs-agreement-with-the-s-korean-city-of-busan-to-launch-crypto-exchange","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/after-binance-ftx-signs-agreement-with-the-s-korean-city-of-busan-to-launch-crypto-exchange\/","title":{"rendered":"After Binance, FTX Signs Agreement With The S.Korean City Of Busan To Launch Crypto Exchange"},"content":{"rendered":"

South Korean port city Busan has forged a partnership with Sam Bankman-Fried\u2019s FTX to help the city develop a local cryptocurrency exchange and boost blockchain-based businesses.<\/p>\n

Busan Taps FTX To Boost Blockchain Adoption<\/strong><\/h2>\n

South Korea\u2019s second-biggest city Busan is looking to become a global blockchain hub.<\/p>\n

FTX will help build the Busan Digital Asset Exchange, according to a Tuesday announcement by the Busan Metropolitan City department. The city will use FTX\u2019s technological infrastructure to create its crypto exchange. FTX will further generate and promote blockchain-focused education with local universities and projects within the Busan blockchain regulation-free zone.<\/p>\n

Amy Woo, the CEO of FTX Investment Division, indicated that the exchange would set up a South Korean branch in Busan over the next year as it supports the city\u2019s efforts to stimulate the growth of the domestic blockchain sector.<\/p>\n

The partnership with FTX follows a recent agreement with Binance, the biggest crypto exchange by trading volume. The global exchange signed a memorandum of understanding (MoU) with Busan to design the city\u2019s blockchain technology and infrastructure. Binance will also establish a presence in the port city by year-end.<\/p>\n

Since becoming a blockchain sandbox for South Korea in 2019, the city has undertaken numerous projects in the blockchain space, including rolling out crypto payment support for some services at its most-visited beaches, blockchain-powered toll gates, and even blockchain driver’s licenses.<\/p>\n

S. Korea\u2019s Tougher Line On Crypto<\/strong><\/h2>\n

Notably, South Korean authorities have ratcheted their scrutiny of the domestic crypto industry in recent months after the shocking blowup of the Terra ecosystem in May. Exchanges such as Coinone, Bithumb, and Upbit were raided by Korean prosecutors investigating a fraud case in relation to the crash of the UST algorithmic stablecoin and its companion token LUNA.\u00a0<\/p>\n

Korea\u2019s anti-money laundering authority is also cracking down on foreign cryptocurrency exchanges operating in the country without the requisite registrations. Additionally, the government recently announced plans to tax recipients of crypto airdrops.<\/p>\n

In the meantime, the country\u2019s financial watchdog is looking to expedite the review of proposals for new crypto-related laws. The crypto community in the country has long lamented the sluggish pace of regulation, which it feels will help the nascent industry mature.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

South Korean port city Busan has forged<\/p>\n","protected":false},"author":3,"featured_media":162989,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nAfter Binance, FTX Signs Agreement With The S.Korean City Of Busan To Launch Crypto Exchange - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/after-binance-ftx-signs-agreement-with-the-s-korean-city-of-busan-to-launch-crypto-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"After Binance, FTX Signs Agreement With The S.Korean City Of Busan To Launch Crypto Exchange - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"South Korean port city Busan has forged\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/after-binance-ftx-signs-agreement-with-the-s-korean-city-of-busan-to-launch-crypto-exchange\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-31T21:38:28+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/08\/After-Binance-FTX-Signs-Agreement-With-The-S.Korean-City-Of-Busan-To-Launch-Crypto-Exchange.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/after-binance-ftx-signs-agreement-with-the-s-korean-city-of-busan-to-launch-crypto-exchange\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/after-binance-ftx-signs-agreement-with-the-s-korean-city-of-busan-to-launch-crypto-exchange\/\",\"name\":\"After Binance, FTX Signs Agreement With The S.Korean City Of Busan To Launch Crypto Exchange - 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