Tokocrypto's PFAK License: A Major Milestone for Binance Subsidiary and Indonesia's Crypto Industry
Main Takeaways
Tokocrypto, a part of the Binance group, has secured a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), highlighting its commitment to regulatory compliance and fostering investor trust.
The PFAK license allows Tokocrypto to operate as a physical crypto-asset trader, marking a significant milestone in the development of Indonesia’s Web3 industry.
Tokocrypto’s user base has surpassed 4.5 million this year, while monthly average trading volume grew by 138%. These impressive figures highlight the consistent growth and increasing trust in Tokocrypto’s services.
We are thrilled to announce that Tokocrypto, Indonesia’s premier cryptocurrency exchange and a part of the Binance group, has secured a license as a Physical Crypto Asset Trader (PFAK) from the country’s Commodity Futures Trading Regulatory Agency (Bappebti). This landmark achievement underscores Tokocrypto and Binance’s commitment to regulatory compliance and marks a pivotal moment in the development of Indonesia’s crypto-asset industry.
From Prospective to Licensed
Tokocrypto registered as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019 and has navigated a rigorous licensing process to meet all the requirements for a fully licensed entity set by Bappebti. The PFAK license now grants Tokocrypto the authority to operate as a physical crypto asset trader.
The PFAK license is not only a proud achievement for Tokocrypto but also a significant step toward strengthening investor trust and confidence that showcases Tokocrypto's commitment to providing secure, transparent, and reliable crypto-asset trading services for users in Indonesia. The license ensures that crypto-asset trading on Tokocrypto meets Bappebti’s strict licensing standards, thereby safeguarding investor interests.
Richard Teng, CEO of Binance, congratulated Tokocrypto on this significant achievement, noting how this milestone is a testament to the exchange’s dedication to regulatory excellence and its vision of fostering a robust and transparent crypto ecosystem in Indonesia. He added, “Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region”.
Yudhono Rawis, CEO of Tokocrypto, highlighted the importance of the PFAK license in realizing Tokocrypto's vision of becoming Indonesia's leading crypto-asset trading platform. “Over the past two years, Tokocrypto has continuously strengthened its commitment to maintaining high standards of regulatory compliance. 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,” said Yudhono.
Yudhono also emphasized how the PFAK license and Binance’s continuous support position Tokocrypto to continuously advance its market leadership in Indonesia.
Tokocrypto’s Momentum
So far this year, Tokocrypto’s user base has surpassed 4.5 million this year, while monthly average trading volume grew by 138%. These impressive figures highlight the consistent growth and increasing trust in Tokocrypto’s services this year.
Binance remains steadfast in its support for Tokocrypto and looks forward to witnessing the continued growth and success of Indonesia’s crypto-asset industry.