Binance signs MoU with the South Korean city of Busan

Binance has pledged to help promote the Busan Digital Asset Exchange

 The Flag of South Korea and the Olympic Cauldron during the opening ceremony of the PyeongChang 2018 Winter Olympic Games                                 
Binance has signed a Memorandum of Understanding (MoU) with the city of Busan in South Korea – Photo: Getty Images
                                

Binance, the world’s largest cryptocurrency exchange by trading volume, has signed a Memorandum of Understanding (MoU) with the city of Busan in South Korea.

The agreement means the city will receive technological and infrastructure support from Binance for the development of Busan’s blockchain ecosystem and promotion of the Busan Digital Asset Exchange.

What are Binance’s plans in Busan?

Binance is planning to begin “utilising Busan’s blockchain regulatory-free zone to promote blockchain initiatives and businesses”. Furthermore, the crypto exchange is aiming to set up a South Korean office in Busan by the end of 2022, support blockchain-related research and investments and provide blockchain education via Binance Academy.

In March 2022, Binance launched its Learn and Earn programme on Binance Academy, which is is a portal for crypto and blockchain education. At the time, the company said the Learn and Earn programme “will allow users to earn crypto while learning about important topics across the blockchain industry”.

Additionally, Binance Charity will be promoting societal wellbeing and the crypto exchange will assist with the organisation of Blockchain Week in Busan in 2022.

Looking to grow crypto adoption in Busan

Changpeng Zhao, CEO and founder of Binance, said: “Through our industry-leading position and technological expertise, combined with the City of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond. We look forward to our close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries."

Heong-Joon Park, Mayor of Busan, said: “With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as a global integrated platform for digital assets.

“By making Busan a blockchain-specialised city that is attracting worldwide attention, we will boost a new growth engine for the local economy and make it a global digital finance hub.”

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