Binance Subsidiary Tokocrypto Obtains Full License in Indonesia

September 09, 2024 10:32 PM AEST | By Team Kalkine Media

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Binance Subsidiary Tokocrypto Obtains Full License in Indonesia — Image source: shutterstock

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donesian cryptocurrency exchange Tokocrypto has been granted a full license by the Commodity Futures Trading Regulatory Agency of Indonesia, known as Bappebti. On September 9, Tokocrypto announced it has received the Physical Crypto Asset Trader (PFAK) license, which permits the platform to operate as a licensed trader of physical crypto assets in compliance with Indonesian regulations.

Prior to this, cryptocurrency exchanges in Indonesia were classified under a “prospective crypto exchange” category. Tokocrypto had been registered as a Prospective Physical {Crypto} Asset Trader (CPFAK) since 2019, a year when Bappebti mandated that exchanges seek formal authorization for full licensing. Tokocrypto is now recognized as the third exchange in Indonesia to achieve this status.

Tokocrypto CEO Yudhono Rawis highlighted that the acquisition of the PFAK license is integral to the company's strategy of establishing a leading position within the Indonesian crypto trading market. He emphasized that this step is crucial for building a robust foundation in the crypto-asset ecosystem in Indonesia and for delivering high-quality services to users. As of 2023, Tokocrypto was the leading exchange in Indonesia by trading volume, holding a 43% market share among the country’s top three centralized exchanges. Its competitors, Indodax and Upbit Indonesia, held market shares of 42% and 15%, respectively.

In 2020, Binance, a global cryptocurrency trading platform, announced a significant investment in Tokocrypto, marking its entry into the Indonesian market. The exact amount of the investment was not disclosed. Binance further increased its stake in Tokocrypto in 2022, with former Binance CEO Changpeng Zhao noting that this involved injecting additional capital and expanding the shareholding. Recent statements from Binance describe Tokocrypto as a "subsidiary," indicating that Binance may hold a controlling stake in the Indonesian exchange.

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