Binance signs Memorandum of Understanding with the City of Busan

South Korean city of Busan and crypto exchange Binance have agreed to a Memorandum of Understanding (MoU). The agreement states that Binance will provide technical assistance to the City of Busan in its effort to create a blockchain ecosystem. It is important to note that the City of Busan has already worked on creating a digital asset exchange, making the MoU significant.

The City of Busan and Binance have decided to share order books as a result of the MoU’s signature. The crypto exchange has also declared that it will use the blockchain regulatory-free zone in Busan to advertise its affiliated companies. Additionally, the exchange has pledged to help with the city’s blockchain-related investments and research.

In response, Binance CEO Changpeng Zhao (CZ) stated:

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

The Busan Digital Asset Exchange will now be one step closer to being a fully integrated platform for digital assets, according to Heong-Joon Park, mayor of Busan.

Binance to assist in Blockchain Week in Busan

Busan will also benefit from the exchange’s extensive blockchain expertise thanks to its online digital academy. Notably, the MoU states that Binance would assist in the planning of the Blockchain Week in Busan before the year is up.

The bitcoin exchange and Cambodia’s Securities and Exchange Regulator inked a Memorandum of Understanding at the start of June of this year (SERC). In accordance with the MoU, Binance promised to provide the SERC with access to its technical expertise on digital assets.

Binance and the Ministry of Digital Development, Innovations, and Aerospace Industry of the Republic of Kazakhstan inked an MoU earlier that month.