- Binance’s Indonesian subsidiary Tokocrypto has received a key crypto asset dealer license in the country.
- Tokocrypto is licensed by the Commodity Futures Trading Regulatory Authority (Bappebti).
- Binance CEO Richard Teng said the exchange will continue to support its Indonesia-based subsidiary.
Binance subsidiary Tokocrypto has received regulatory approval from Indonesian regulator Commodity Futures Trading Regulatory Authority (Bappebti) to become a physical crypto asset trader (PFAK).
Tokocrypto revealed in a Sept. 9 announcement that the milestone was achieved following a rigorous licensing process that dates back to 9, when the cryptocurrency exchange first received approval as a Potential Physical Crypto-Asset Dealer (CPFAK).
The PFAK’s approval means Tokocrypto becomes the third digital asset exchange in Indonesia to receive this important license.
Yudhono Rawis, CEO of Tokocrypto, said: “We are proud to be the third exchange in Indonesia to be licensed by PFAK, with 35 potential cryptocurrency exchanges in the Indonesian market already registered with Bappebti. This is an important part of our strategy to build a solid foundation in the Indonesian cryptoasset ecosystem and ensure that we can provide the best services to our customers.”
Binance to further support Tokocrypto
Binance said in a blog post that the license also means that the platform now fully meets all regulatory requirements for cryptocurrency exchanges in Indonesia.
Speaking about the milestone, Binance CEO Richard Teng said the approval means Tokocrypto has solidified its position as a cryptocurrency exchange provider in Indonesia.
Teng noted that Binance acquired Tokocrypto in 2020 and will continue to support the exchange to drive Web3 adoption in the region.
As cryptocurrencies benefit from broader and clearer regulation in Indonesia, Tokocrypto’s market size is growing.
While the government plans to create a stricter framework for the industry, its proactive approach has helped industry players to a great extent. It is in this environment that Tokocrypto has grown its user base to over 450 million and its average monthly trading volume has also increased - up 138% so far this year.