Binance Signs MoU with the City of Busan, BNB Price Down 2% Today
- Following the signing of the MoU between the City of Busan and Binance, the two parties have agreed to share order books.
- Binance says the MoU agreement will foster blockchain industry development in the region.
- This is not the first MoU the cryptocurrency exchange has signed in the recent past around the world.
Binance, the leading cryptocurrency exchange by daily traded volume, has announced that it has signed a Memorandum of Understanding (MoU) with the City of Busan in South Korea. A memorandum of understanding is an agreement between two or more parties outlined in a formal document. However, in most cases, the MoU is not legally binding but signals the willingness of the parties to move forward with a contract.
Further Details of the MoU Between Binance and the City of Busan
According to the agreement, the City of Busan will receive technical support from Binance in its bid to develop a blockchain ecosystem. Moreover, the City of Busan has been developing a digital asset exchange in the past, thereby making the MoU important.
Following the signing of the MoU between the City of Busan and Binance, the two parties have agreed to share order books.
Additionally, the cryptocurrency exchange has announced that it will utilize Busan’s blockchain regulatory-free zone to promote its related businesses. Further, the exchange has promised to support blockchain-related research and investments in the city.
Speaking on the matter, Binance CEO Changpeng Zhao (CZ) 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 the just concluded agreement will bring the city closer to establishing the Busan Digital Asset Exchange as a globally integrated platform for digital assets.
“By making Busan a blockchain-specialized 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,” he added.
Furthermore, the city of Busan will enjoy the vast blockchain knowledge that Binance has through its online digital academy. Worth noting, that the MoU has in it that Binance will help in the organization of the Blockchain Week in Busan before the end of this year.
Binance has made several other MoUs around the world to help it navigate the vast regulatory aspect. At the beginning of June this year, the cryptocurrency exchange signed an MoU with the Securities and Exchange Regulator of Cambodia (SERC). Under the signed MoU, Binance agreed to share its technical knowledge with the SERC on digital assets.
Earlier that month, Binance signed an MoU with the Ministry of Digital Development, Innovations, and Aerospace Industry of the Republic of Kazakhstan. Under the signed MoU, Binance agreed to help advise the country on developing the legislative framework and regulatory policy for crypto-assets.
Meanwhile, Binance native token BNB has been exchanging hands for around $292, down approximately 2 percent today. The crypto asset has a market capitalization of $47,195,110,246, and a daily traded volume of approximately $900 million.