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Tokocrypto, Binance subsidiary, receives crypto trading license in Indonesia

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by Giorgi Kostiuk

2 years ago

  1. Recent advancements in crypto licensing
  2. Importance of the PFAK license for Tokocrypto
  3. Future prospects for Binance and Tokocrypto


    4. In recent weeks, there has been a significant increase in activity within the crypto regulatory sector. Among these activities, Binance's Indonesian subsidiary Tokocrypto has received an important license.

    Recent advancements in crypto licensing

    Recently, Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) granted Tokocrypto a Physical Crypto Asset Trader (PFAK) license. This comes after Tokocrypto was initially considered for licensing back in 2019.

    Importance of the PFAK license for Tokocrypto

    Binance representatives stated that Tokocrypto underwent a rigorous licensing process with Bappebti. The PFAK license enables Tokocrypto to trade, buy, and store crypto assets in wallets. Binance CEO Richard Teng commented: 'Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region.'

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

    Future prospects for Binance and Tokocrypto

    Tokocrypto's CEO, Yudhono Rawis, emphasized the significance of the PFAK license in their goal to become the leading digital asset exchange platform in Indonesia. He also highlighted their commitment to maintaining high regulatory compliance standards. Additionally, Binance recently released its latest 'Proof of Reserves', showing a slight decline in Bitcoin and Ethereum holdings, while USDT and BNB reserves remained positive.

    The acquisition of the PFAK license represents a significant step for Tokocrypto and a milestone for Binance's growth in the region. There is an overall positive trend in the crypto market, which may promote further industry development in Indonesia.

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