Busan, the blockchain city of South Korea, has moved a step closer to forming a local crypto exchange, but it has dropped most of the global centralized exchange partners. The drastic decision comes in the wake of the recent colossal failure of centralized exchanges.<\/p>\n
The city announced the steering committee comprising 18 local blockchain experts but none of the five exchanges that had agreed earlier this year to assist the city in establishing its first official digital asset exchange. The five exchanges included Binance, Crypto.com, Gate.io, Huobi Global and FTX.<\/p>\n
The steering committee is a municipal advisory body tasked with providing advice on the establishment and operation of the digital asset exchange, as well as strengthening the system of external cooperation.<\/p>\n
The possible elimination of global crypto exchanges from Busan city\u2019s plan was visible in the wake of FTX\u2019s meltdown. The city administration was having second thoughts on the inclusion of such private exchanges in their plans but was confident of moving ahead with their blockchain goals without the need for third-party assistance.<\/p>\n
One of the committee members noted that the problems with the crypto exchanges such as \u201cFTX and other major global exchanges seem to have influenced [the decision],\u201d Another member said that the exchanges were never an integral part of the city\u2019s plan and were only needed for offering initial liquidity.<\/p>\n