On Monday, Binance disclosed that its subsidiary, Tokocrypto, had obtained a Physical Crypto Asset Trader (PFAK) license from Bappebti, Indonesia’s commodity regulator.
According to the exchange, Tokocrypto, registered as a prospective PFAK in 2019, has effectively fulfilled Bappebti’s licensing requirements to conclude the process.
Tokocrypto is now lawfully permitted to trade physical crypto assets as it possesses the necessary license.
Binance CEO Richard Teng stated, “This milestone is a testament to Tokocrypto’s unwavering dedication to regulatory excellence and its vision of fostering a robust and transparent crypto ecosystem in Indonesia.”
“Binance is dedicated to providing unwavering support to Tokocrypto in its endeavor to stimulate the expansion of the Web3 ecosystem in the region.”
Binance Subsidiary Is Third Exchange to Secure PFAK License in Indonesia, CEO Says
Yudhono Rawis, CEO of Tokocrypto, stated that the license serves as confirmation of the platform’s adherence to Indonesia’s stringent licensing regulations, thereby protecting the interests of investors.
“We are proud of our accomplishment of becoming the third exchange to receive a PFAK license in Indonesia, a market with 35 potential crypto exchanges registered with Bappebti,” Rawis continued.
Tokocrypto’s user base has surpassed 4.5 million this year. Simultaneously, transaction volume has increased by 170% since 2023.
Tokocrypto Holds 43% Share of Indonesia’s Crypto Market
According to reports, Binance concluded the acquisition of Tokocrypto in December 2022. According to former CEO Changpeng Zhao, Binance had maintained a majority stake in Tokocrypto from the outset, and the acquisition merely augmented its investment and ownership.
Approximately 43% of the Indonesian crypto market was under Tokocrypto’s control in early 2024. This information from CoinMarketCap underscored its substantial market penetration and robust presence.
In the interim, the Indonesian crypto market is expanding rapidly, with the support of Bappebti and the imminent supervision of the Financial Services Authority (OJK).
Over 19 million individuals invested in crypto assets during the initial two months of 2024. Tokocrypto is effectively capitalizing on a flourishing market, as evidenced by the increasing volume of transactions.
