Binance, the largest crypto exchange globally, partners with a South Korean city to boost crypto adoption. The exchange has signed an MOU (Memorandum of Understanding ) with South Korea’s Busan city. It will help them develop a blockchain ecosystem and progress ahead. Binance’s partnership shows that we are seeing more nations and cities being progressive about blockchain adoption. No one wants to be left behind, but still, only a few are taking action.
Binance partners with South Korean city
Binance and Busan are now working together to rev up crypto adoption in the city. At the same time, Binance is going to develop the blockchain infrastructure of Busan. The exchange reported that their MOU says that they will provide tech and infrastructure support to the city and help in the promotion of the Busan Digital Asset Exchange. Considering Busan is the 2nd largest city in South Korea with more than 3 million residents, this is going to be huge.
Binance will also be sharing its order book with the Busan authorities and establish its presence in the city by the end of 2022. The exchange’s CEO, Changpeng Zhao, said that they are happy to be working with Busan and bringing blockchain developments to the city. Considering that Binance is the leading exchange and Busan is very supportive of blockchain, this partnership is going to be productive.
In terms of the daily trading volume of cryptocurrencies, Binance is the largest cryptocurrency exchange in the world. It was established in 2017 and had Cayman Islands registration.
Changpeng Zhao, a developer who had previously made high-frequency trading software, launched Binance. Initially established in China, Binance later relocated its headquarters outside as a result of the country’s escalating regulation of cryptocurrencies.
The United States Department of Justice and Internal Revenue Service both opened investigations into Binance in 2021 over claims that it had engaged in money laundering and tax evasion. In June 2021, Binance had to cease all regulated operations in the UK, according to a directive from the Financial Conduct Authority of the UK. So, there have been a lot of ups and downs for the exchange, but it’s growing at a steady pace.
What are your thoughts as Binance partners with a South Korean city to boost crypto adoption and develop blockchain tech? And does this make you more optimistic about crypto? Let us know in the comments below. And, if you found our content informative, share it with your friends.