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<h3 id=""></h3><p>The community is eagerly anticipating Binance, the biggest cryptocurrency exchange in the world, expanding into South Korea. Binance has inked an MOU with the South Korean city of Busan to promote blockchain use, albeit the expansion is yet unclear. The cryptocurrency exchange company will promote the Busan Digital Asset Exchange and aid in the<a href="https://www.coingabbar.com/en/crypto-blogs-english/triple-entry-accounting-future-accounting-blockchain" rel="noopener noreferrer nofollow"> growth of Busan’s blockchain ecosystem</a>.</p><h3 id="strong-binance-and-busan-city-south-korea-sign-a-blockchain-mou-strong"><strong>Binance and Busan City, South Korea, Sign a Blockchain MOU</strong></h3><p>In a tweet on August 26, the CEO of Binance, “CZ,” stated that he had met with Mayor Park Heong-joon of Busan to sign an MOU to support the growth of the blockchain ecosystem in Busan and to promote the Busan Digital Asset Exchange.</p><p>In actuality, Binance’s goal is to drive the subsequent wave of blockchain and cryptocurrency adoption. For this reason, CEO “CZ” is travelling to a number of nations to expand its presence through collaborations and partnerships. According to reports, Binance wants to enter South Korea in order to grow its customer base and cryptocurrency usage.</p><p>To help the city of Busan adopt blockchain technology more widely, the cryptocurrency exchange will fund its infrastructure and technological development. Additionally, as part of the arrangement, Binance and Busan will exchange their order books. Additionally, Binance will support blockchain activities and companies in Busan’s regulatory-free blockchain zone. Support the city’s blockchain research, education, and investments. Additionally, plans call for Binance Charity to promote social well-being and for assistance with the Busan Blockchain Week (BNB 2022).</p><h3 id="strong-increased-use-of-blockchain-and-cryptocurrencies-in-south-korea-strong"><strong>Increased Use of Blockchain and Cryptocurrencies in South Korea</strong></h3><p>Over the past two years, South Korea has seen a significant uptake of cryptocurrencies and blockchain technology. In terms of website visits to crypto exchanges this year, South Koreans are second only to Americans, according to latest data.</p><p>Additionally, in<a href="https://www.coingabbar.com/en/crypto-currency-news-english/terra-classic-climbs-percent-day-adding-dollar-million-market-cap" rel="noopener noreferrer nofollow"> response to the Terra-LUNA problem</a>, the South Korean government and regulators have strengthened crypto regulation and monitoring. An effective regulatory framework promotes the uptake of cryptocurrencies in a nation.</p><p>Binance’s launch into the Busan blockchain market may lead to a return to the South Korean market.</p>

Binance entered South Korea to promote adoption, but there was a catch.

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