You are currently viewing FTX collapse triggers second thoughts on Busan City’s crypto exchange plans

The FTX crash appears to have affected not only companies and investors but also entire cities that previously became partners of the troubled cryptocurrency exchange.

South Korea’s second-largest city, Busan, is reportedly reconsidering its plans to build a local crypto exchange as a consequence of the FTX collapse, the local news agency Yonhap reported on Nov. 23.

The government and financial authorities of Busan have become increasingly concerned about the concept of a public-private digital exchange amid the FTX contagion.

“In view of various conditions, it is unreasonable for the city of Busan to promote the establishment of a digital asset exchange,” a Busan City official reportedly stated.

The South Korean city has been engaged in establishing a local digital asset exchange for a few months, signing multiple agreements with crypto exchanges. Building such a platform as a public-private partnership model was reportedly a pledge of Busan Mayor Park Hyung-joon.

In August 2022, the city

Keep reading this article on Cointelegraph.com.

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