Binance's Tokocrypto Secures Indonesia's Crypto Trader License

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The Binance-backed trading platform Tokocrypto has bagged a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). This achievement comes some days after Binance’s local branch in Kazakhstan received preliminary approval ahead of a complete regulatory license.

In a press statement, Binance CEO Richard Teng praised Tokocrypto’s regulatory achievement, highlighting it as a testament to the global exchange’s commitment to compliance. Teng also emphasized that Binance is fully committed to supporting Tokocrypto in its endeavors to enhance the growth of Indonesia’s Web3 ecosystem.

Tokocrypto Aims to Dominant Indonesian Digital Marketplace

Tokocrypto, purchased by Binance in 2022, has become the third exchange to be granted a license in Indonesia. Yudhono Rawis, the CEO of Tokocrypto, proudly highlighted the significant expansion of the exchange’s user base this year, surpassing 4.5 million users. Notably, the average trading volume also saw a remarkable increase of 138%. In 2023, the Indonesian trading platform held the biggest spot in the country as the biggest exchange by trading volume.

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Rawis mentioned that these statistics reflect the platform’s growing popularity and the trust Tokocrypto has amassed in the region. He said the approved license is part of the firm’s strategy to establish a strong presence in the crypto-asset ecosystem in Indonesia and, above all, deliver top-notch services to customers relying on the platform.

Indonesia’s Bold Moves in the Crypto Industry

The Southeast Asian country has gained recognition as a key player in the crypto industry, showcasing notable advancements that have drawn in exchanges and investors. In 2023, Bappebti launched the national cryptocurrency exchange, doubling as a clearinghouse for digital assets.

In the same year, the country issued 501 tradable crypto assets. This significant initiative prompted Tuhu Nugraha, a blockchain and metaverse executive, to embark on trials of blockchain technology for various public service applications. Earlier this year, the country stirred controversy within the crypto community about its intentions to reassess tax policies.

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Binance Increases Crypto Strategy

Binance has not only been strategically establishing its presence in various countries but has also been making relentless efforts to solidify its position as a leading player in the crypto industry, catering to a diverse range of users worldwide.

Recently, the exchange teased the crypto community about its upcoming listing, which has sparked investors’ and market participants’ excitement. In late August, the global exchange launched new margin trading pairs for 11 tokens. Remarkably, Binance has shown commitment to ensuring the security of its platform by employing several measures to combat illicit activities. The exchange said it has successfully prevented over $2.4 billion in potential losses between January and July 2024.