According to Yonhap News Agency, the city of Busan, South Korea has decided to reconsider the establishment of a digital asset exchange. This is due to negative attitudes from government and financial authorities towards public institutions setting up digital asset exchanges, while anxiety across the industry is growing following the recent FTX bankruptcy. A Busan city official said, “Given various circumstances, it is unreasonable for Busan city to push for the establishment of a digital asset exchange.”

According to previous news, Busan City, South Korea signed a cooperation agreement with Huobi, Binance, FTX, Crypto.com and Gate.io on the establishment of the Busan Digital Asset Exchange, and several blockchain venture capital companies plan to invest 100 million US dollars in Busan, South Korea for ecosystem development.