Binance-backed Tokocrypto becomes third crypto exchange in Indonesia to secure PFAK license Binance-backed Tokocrypto becomes third crypto exchange in Indonesia to secure PFAK license
The Indonesian crypto trading platform has seen a rapid increase in its numbers this year.
2 min read
Updated: Sep. 9, 2024 at 1:52 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Binance said its subsidiary Tokocrypto has secured a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), according to a Sept. 9 statement shared with CryptoSlate.
This development positions Tokocrypto as the third exchange in Indonesia to receive the PFAK license. The country currently has 35 prospective crypto exchanges registered with Bappebti.
Tokocrypto’s growth
Over the past year, Tokocrypto has seen significant growth, with its user base surpassing 4.5 million and monthly trading volume increasing by 138%, signaling growing trust in its services.
Yudhono Rawis, Tokocrypto’s CEO, emphasized the license’s significance in achieving the company’s goal of becoming Indonesia’s leading crypto-asset trading platform. He stated:
“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.”
Binance, which fully acquired Tokocrypto in late 2022, had previously held a majority stake in the company.
Richard Teng, Binance’s CEO, praised Tokocrypto’s achievement, describing it as a testament to its dedication to regulatory compliance. He added that Binance remains committed to supporting Tokocrypto’s mission to promote Web3 growth in the region.
He said:
“Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region.”
Following the news, CoinMarketCap data showed that Tokocrypto’s native TKO token saw a 15% increase to $0.3342.
Binance compliance efforts
This milestone hopes to reinforce Binance’s commitment to regulatory compliance under Teng’s leadership. Over the past months, the exchange has secured licenses in various regions, including Kazakhstan and India.
However, Binance faces challenges in Nigeria, where authorities have detained its executive, Tigran Gambaryan, since February.
US lawmaker French Hill— who visited Gambaryan earlier this year— condemned his continued detention and highlighted concerns over his deteriorating health. He stated:
“This is outrageous. It’s clear Tigran’s condition is rapidly deteriorating – the Nigeran government must release him immediately.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Richard Teng, a veteran in the financial services and regulatory sectors, boasts over three decades of extensive experience.