Global Expansion: Binance, City of Busan Sign MOU for Blockchain Industry Development

Global Expansion: Binance, City of Busan Sign MOU for Blockchain Industry Development

Binance has signed a memorandum of understanding with South Korea’s City of Busan for the development of the region’s crypto and blockchain ecosystem. Binance plans to set up shop in Busan soon, as it continues to make steady progress in its global expansion push, according to an announcement on August 26, 2022.

Binance Re-Enters South Korea 

While some of South Korea’s digital assets regulatory policies may have attracted criticisms from market participants in recent times, the country remains a key player in the global blockchain space and Binance has reached a significant milestone in its re-entry plans into the region.

Per an announcement by the Binance team, the world’s leading distributed ledger technology (DLT) ecosystem and largest crypto exchange, has inked a Memorandum of Understanding with the City of Busan, for the development of the city’s blockchain industry.

For the uninitiated, Busan is the second largest city (770 square kilometers) in South Korea. The city’s beautiful beaches, mountains, and temples make it both a hub for maritime logistics and tourism at the same time.

As part of the strategic agreement with Busan, Binance says it will provide the city with the technological and infrastructural support it needs to develop its blockchain ecosystem and promote the Busan Digital Asset exchange.

Fostering Crypto Education & Adoption 

It’s worth noting that the City of Busan was designated as a regulation-free special zone in July 2019 by South Korea’s Ministry of SMEs and Startups, in a bid to make the region a hotbed for blockchain technology innovation.

Now, Binance plans to take advantage of Busan’s blockchain regulatory-free zone status to promote innovative initiatives and startups, support blockchain-related research and investment activities in the city, and provide residents with specialized blockchain education and online resources from Binance Academy. 

That’s not all Binance says it will also use the alliance as a means to advance initiatives that promote social well-being and give back to the host community via Binance Charity. The exchange will also assist the city in ensuring a hitch-free organization of Blockchain Week in Busan this year (BWB 2022).

Commenting on the latest milestone, Binance CEO and Founder, Changpeng Zhao said:

“We are happy to be working with the City of Busan to bring tangible blockchain-related development that benefits and supports the city’s innovation efforts. 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.”

If all goes as planned, Binance will be setting up shop in Busan before the end of 2022, the team says. So far, Binance’s global expansion push has been going quite smoothly, as the exchange has acquired regulatory licenses in various jurisdictions, including the United States. 

In related news, Binance recently joined the FinTech Alliance Philippines and other local agencies, as part of efforts to guide the government on how to formulate amenable digital assets regulations in the crypto-friendly nation.

At the time of writing, BNB, the native cryptocurrency of the Binance ecosystem is trading at around $296.80. 

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Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.