1. Tokocrypto's License Acquisition
2. Tokocrypto's Dominance in Indonesia
3. Rapid Growth of the Crypto Market in Indonesia

Tokocrypto, Binance's Indonesian subsidiary, has obtained a full license to trade physical crypto assets from Bappebti, marking a significant step for the company's further development.

Tokocrypto's License Acquisition

Binance announced the regulatory milestone in a September 9 press release. Initially registered as a prospective trader in 2019, Binance's Indonesian subsidiary can now fully operate in the Indonesian market following the rigorous licensing process.

Tokocrypto's Dominance in Indonesia

According to CoinMarketCap, Tokocrypto held about 43% of the market in early 2024. The Binance Indonesian subsidiary also saw its user base grow to more than 4.5 million and a reported 138% increase in monthly trading volume.

Rapid Growth of the Crypto Market in Indonesia

The crypto market in Indonesia is thriving, supported by favorable regulations from Bappebti and planned oversight by the Financial Services Authority (OJK). In the first two months of 2024, more than 19 million Indonesians invested in crypto assets, creating fertile ground for Tokocrypto's further growth.

Obtaining a full license to trade physical crypto assets from Bappebti is a significant achievement for Tokocrypto and implies further development and growth for the company in the Indonesian crypto market.