- Binance’s subsidiary in Indonesia, Tokocrypto, has acquired the key crypto asset trader license in the country.
- Tokocrypto obtained the license from the Commidity Futures Trading Regulatory Agency (Bappebti).
- Binance CEO Richard Teng says the exchange will continue to support the Indonesia-based subsidiary.
Binance subsidiary Tokocrypto has secured regulatory approval as a Physical Crypto Asset Trader (PFAK) from Indonesian regulator Commidity Futures Trading Regulatory Agency (Bappebti).
In an announcement on September 9, Tokocrypto revealed the milestone comes after a rigorous licensing process dating back to 2019 when the cryptocurrency exchange first received a nod as a Prospective Phyisical Crypto Asset Trader (CPFAK).
PFAK approval sees Tokocrypto become the third digital assets exchange in Indonesia to secure this crucial license.
“We are proud of this achievement to become the third exchange to receive PFAK license in Indonesia, the market which has 35 prospective crypto exchanges registered with Bappebti. This is an essential part of our strategy to build a solid foundation in the crypto-asset ecosystem in Indonesia and ensure that we can provide the best services to our customers,” Yudhono Rawis, CEO of Tokocrypto, said.
Binance to support Tokocrypto further
The license also means that the platform now fully meets all regulatory requirements for crypto exchanges in Indonesia, Binance said in a blog post.
Commenting on the milestone, Binance CEO Richard Teng said approval means Tokocrypto has strengthened its standing as a crypto trading provider in Indonesia.
Binance, which acquired Tokocrypto in 2020, will also continue to support the exchange amid its quest to drive Web3 adoption in the region, Teng noted.
Congrats to @Tokocrypto, a part of the #Binance group, for securing a full license in Indonesia! 👏
Excited to continue supporting Tokocrypto in its mission to drive Web3 growth in the region.https://t.co/R9DhIFcO5b
— Richard Teng (@_RichardTeng) September 9, 2024
Tokocrypto’s growing market size has come as cryptocurrency benefits from a broader regulatory clarity in Indonesia.
While the government envisions a stricter framework for the sector, its largely positive approach is helping industry players. It’s this environment that has seen Tokocrypto grow its user base to over 4.5 million amid increase in monthly average volume – up 138% year-to-date.