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FTX collapse triggers second thoughts on Busan City's crypto exchange plans

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cointelegraph.com

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.

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