The Binance Group Grows in Indonesia as a Subsidiary Acquires a License
On Monday, Binance said that Tokocrypto, a subsidiary of Binance, has obtained a Physical Crypto Asset Trader (PFAK) license from Bappebti, the commodities regulator in Indonesia.
The exchange said that Tokocrypto, which was registered as a Prospective PFAK in 2019, has fulfilled all of Bappebti's license criteria.
With its license in hand, Tokocrypto may lawfully trade tangible crypto assets.
Binance CEO Richard Teng celebrated the achievement, saying it was proof of Tokocrypto's commitment to regulatory excellence and its goal of creating a strong and open crypto ecosystem in Indonesia. Binance is committed to helping Tokocrypto achieve its goal of expanding the Web3 ecosystem in the area.
According to Tokocrypto CEO Yudhono Rawis, the platform is now in full compliance with Indonesia's stringent licensing standards, which is great news for investors.
The third exchange to get a PFAK license in Indonesia is an accomplishment that Rawis is proud of. The market has 35 potential cryptocurrency exchanges registered with Bappebti.
Tokocrypto has more than 4.5 million users as of this year. At the same time, the number of trades has increased by 170% since 2023.
In Indonesia, Tokocrypto Controls 43% of the Crypto Market
Reportedly, Binance finished purchasing Tokocrypto in December 2022. As previously stated by Changpeng Zhao, Binance had a majority position in Tokocrypto before the transaction; the company only raised its investment and ownership via the acquisition.
Nearly 43% of Indonesia's cryptocurrency market was under Tokocrypto's control by the beginning of 2024.
The Financial Services Authority will soon be in charge of the burgeoning cryptocurrency industry in Indonesia, which is backed by Bappebti. More than 19 million individuals put money into cryptocurrency in the first half of 2024. Tokocrypto is profiting from a booming industry, as seen by the increasing amount of transactions.
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