Binance subsidiary Tokocrypto secures Physical Crypto Asset Dealer license in Indonesia

Binance subsidiary Totokcrypto has obtained the highly sought-after Physical Crypto Asset Dealer (PFAK) license.

This new achievement demonstrates Binance and Tokocrypto's dedication to regulatory compliance and represents a turning point in the growth of Indonesia's cryptocurrency market.

As per the most recent reports from Binance, Tokocrypto obtained the PFAK license from Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti). Tokocrypto completed a rigorous licensing process in 2019 to become a Prospective Physical Crypto Asset Trader (CPFAK) and met all the requirements set forth by Bappebti for a fully licensed entity. With the PFAK license, Tokocrypto can now operate as a physical cryptocurrency asset dealer.

In addition to congratulating Tokocrypto on this noteworthy accomplishment, Binance CEO Richard Teng noted that this milestone is evidence of the exchange's commitment to regulatory excellence and its goal of developing a strong and transparent crypto ecosystem in Indonesia.

Teng, in his statement, further said that "Binance is dedicated to providing Tokocrypto with full support in its goal to propel the expansion of the Web3 ecosystem in the region."

Binance subsidiary Tokocrypto is the top cryptocurrency exchange in Indonesia. With a 138% increase in monthly average trading volume, Tokocrypto's user base has surpassed 4.5 million this year. These impressive numbers demonstrate this year's steady growth and rising confidence in Tokocrypto's offerings.

The CEO of Tokocrypto, Yudhono Rawis, emphasized the significance of the PFAK license in achieving the company's goal of becoming the top cryptocurrency trading platform in Indonesia. "Tokocrypto has consistently reaffirmed its commitment to upholding strict regulatory compliance standards over the last two years.

Being the third exchange in Indonesia to obtain a PFAK license—a market where 35 potential cryptocurrency exchanges have registered with Bappebti—makes us proud of this accomplishment. This is an essential part of our plan to establish a strong base in Indonesia's crypto-asset ecosystem and ensure that we can offer the best services to our clients, according to Yudhono.

In an attempt to establish itself in Indonesia, cryptocurrency exchange Binance announced in 2020 that it would be making a major investment in Tokocrypto. The company did not, however, reveal how much funds it had put into the exchange. Binance then expanded its reach in 2022 by increasing its stake in Tokocrypto.In a recent announcement, the largest cryptocurrency exchange by trading volume Binance disclosed that the exchange is a “subsidiary.”

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