Crypto exchange Binance said its subsidiary Tokocrypto has obtained a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), according to a September 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 potential crypto exchanges registered with Bappebti.
The growth of Tokocrypto
Over the past year, Tokocrypto has experienced significant growth, with its user base surpassing 4.5 million and monthly trading volume increasing by 138%, indicating growing confidence in its services.
Tokocrypto CEO Yudhono Rawis emphasized the importance of the license in achieving the company’s goal of becoming the leading crypto asset trading platform in Indonesia. 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 and become the third exchange to receive a PFAK license in Indonesia, the market where 35 potential crypto exchanges are registered with Bappebti.”
Binance, which fully acquired Tokocrypto at the end of 2022, had previously held a majority stake in the company.
Richard Teng, CEO of Binance, praised Tokocrypto’s performance, describing it as a testament to its commitment to regulatory compliance. He added that Binance remains committed to supporting Tokocrypto’s mission to further Web3’s growth in the region.
He said:
“Binance is committed to fully supporting Tokocrypto in its mission to fuel the growth of the Web3 ecosystem in the region.”
Following the news, CoinMarketCap Data showed that Tokocrypto’s native TKO token rose 15% to $0.3342.
Binance Compliance Efforts
This milestone hopes to strengthen Binance’s commitment to regulatory compliance under Teng’s leadership. In recent months, the exchange has acquired licenses in several regions, including Kazakhstan and India.
However, Binance faces challenges in Nigeria, where authorities have detained its director, Tigran Gambaryan, since February.
US MP French Hill – who visited Gambaryan earlier this year – condemned his continued detention and highlighted his concerns over his deteriorating health. He stated:
“This is outrageous. It is clear that Tigran’s condition is rapidly deteriorating – the Nigerian government must release him immediately.”
