A Busan city representative denied reports that global cryptocurrency exchange Binance and now-bankrupt FTX.com have backed out of their partnership with South Korea’s Busan city to help build its first city-backed crypto exchange. News1, one of South Korea’s major news outlets, reported Wednesday that Busan’s known blockchain partners Binance and FTX did not appear on the city’s upcoming steering committee for establishing the Busan digital asset exchange, adding that Binance and FTX will not participate in the business. A member of the steering committee was quoted by News1. According to a Busan city government representative who requested anonymity, such information is unlikely to be true because the city has not finalised its nomination of committee members.
