Binance Subsidiary Tokocrypto Lands Full Operating License in Indonesia

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Tokocrypto’s License Details and Market Implication
  2. Binance and Global Challenges Over The Past Year
  3. Is Exchange Regulation Improving?


    4. Tokocrypto, a subsidiary of one of the world's leading crypto exchanges Binance, has secured a Physical Crypto Asset Trader (PFAK) license in Indonesia.

    Tokocrypto’s License Details and Market Implication

    According to the announcement, Tokocrypto obtained the license after a rigorous licensing process. The exchange registered as a Prospective PFAK in 2019 to meet all requirements for a fully licensed entity set by Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). Now that it has the PFAK license, Tokocrypto can operate as a physical crypto asset trader in Indonesia. The license ensures that crypto trading on Tokocrypto adheres to Bappebti’s strict licensing requirements, safeguarding investor interests. This is expected to help strengthen investor trust and confidence in the exchange. Additionally, the license showcases Tokocrypto’s commitment to providing secure, reliable, and transparent crypto trading services. Tokocrypto’s growing user base is also a testament to the platform’s popularity and trust among investors. This year, its user base has exceeded 4.5 million, while monthly average trade volume has grown by 138%. This is a huge boost to Binance’s market share and a positive step forward for the Indonesian crypto sector.

    Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region.Richard Teng, CEO Binance

    Binance and Global Challenges Over The Past Year

    The license comes at the right time for the exchange, considering its challenges with global regulators over the past year. In July, the Federal Inland Revenue Service (FIRS) initiated criminal proceedings against Binance in Nigeria. Binance was charged with tax evasion and non-declaration with the FIRS as mandated by Nigerian laws. The case is scheduled for hearing on October 11 in a Nigerian court. Furthermore, Binance encountered challenges with the Philippines Securities and Exchange Commission (SEC). In April, the regulator ordered the removal of the Binance app from Google and Apple stores in the Philippines. The regulator cited security threats to investors and the local economy. In the US, Binance’s former CEO Changpeng Zhao was sentenced to four months in prison. Zhao pleaded guilty to money laundering charges and regulatory violations. Although he is still Binance’s biggest shareholder, he is now banned from holding a management position.

    Is Exchange Regulation Improving?

    Amid these legal challenges, Binance is managing to hold the exchange with ongoing developments. For instance, the exchange recently received consent to operate in Kazakhstan. Binance Kazakhstan is on track to become the region’s first fully registered crypto exchange. The exchange has undergone external financial audits and ISO certifications for its IT infrastructure. Besides this, Binance is also stepping up to meet regulatory requirements in South Africa and Bahrain. Specifically, Binance Bahrain now requires South African clients to sign up under the new regulations and create new accounts. This move requires users to agree to the revised Terms of Service and approve the Know Your Customer (KYC) procedure anew. Such measures highlight Binance’s commitment to meeting global crypto regulations and standards.

    Securing the PFAK license for Tokocrypto is a significant step in the development of the cryptocurrency market in Indonesia. This event, along with Binance's efforts to comply with global regulatory requirements, strengthens trust in the company and its platforms among investors.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Optimism Releases Required Batcher Update v1170

Optimism has announced the release of opbatcher v1170, which is mandatory for operators using the batching infrastructure for OP Stack chains.

user avatarAndrew Smith

NEAR Developers Release First Candidate for nearcore 2140

The NEAR developers have published the first release candidate for nearcore 2140, introducing significant protocol and database changes.

user avatarJacob Williams

Lido Completes Winddown of Regular Simple DVT Clusters

Lido has successfully completed the winddown of its regular Simple DVT clusters, marking a significant step in the decentralization of its validator operations.

user avatarZainab Kamara

Avalanche Schedules Helicon Network Upgrade for September 22

Avalanche has announced the Helicon network upgrade for its mainnet, set to activate on September 22 at 1500 UTC.

user avatarSon Min-ho

Uniswap Proposes Protocol Fee Rollout to Circles Arc Blockchain

Uniswap Labs has introduced a proposal to extend its protocol fee collection and UNI burn infrastructure to the Arc blockchain.

user avatarAyman Ben Youssef

Aave V4 Now Live on Circle's Arc Blockchain

Aave V4 has officially launched on Circle's newly established Arc blockchain, featuring key assets such as USDC, EURC, cirBTC, and WETH.

user avatarTando Nkube

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.