Binance’s Subsidiary Tokocrypto Obtains License from Indonesian Regulator

Tokocrypto, a subsidiary of the cryptocurrency exchange Binance has been granted a Physical Crypto Asset Trader (PFAK) license by Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). 

The firm initially registered as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019 and has navigated a rigorous licensing process to meet all the requirements from the regulator. This development will likely enhance the platform’s position and influence in Indonesia’s crypto sector.

Tokocrypto Becomes the Third Exchange to Secure PFAK License in Indonesia. 

The recent license allows Tokocrypto to operate as a fully authorized physical crypto asset trader in Indonesia. It also marks a significant step by the exchange towards safeguarding investor interests as well as strengthening trust and confidence as well.

Yudhono Rawis, CEO of Tokocrypto, emphasized the importance of the PFAK license in achieving the firm’s goal of becoming Indonesia’s leading crypto-asset trading platform. 

According to him, this license is an essential part of the exchange’s strategy to build a solid foundation in the crypto-asset ecosystem in the country and ensure that it can provide the best services to its customers. 

He also expressed satisfaction in Tokocrypto being the third exchange to obtain the license and credited Binance’s ongoing support as a factor in the company’s growth and market leadership.

“This milestone is a testament to Tokocrypto’s unwavering dedication to regulatory excellence and its vision of fostering a robust and transparent crypto ecosystem in Indonesia. Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region,” Binance CEO Richard Teng said.

Tokocrypto Growing User Base

Tokocrypto’s user base has expanded this year to over 4.5 million, a testament to the firm’s popularity and trust among investors. Moreover, the platform has reported a 138% increase in its monthly average trading volume.

Following the PFAK license announcement, Tokocrypto’s native token, TKO, experienced a significant surge. According to data from price tracking platform Coinstat, the asset saw a 15.62% increase in the last 24 hours, trading at 0.3394 at press time.