Tokocrypto, a subsidiary of Binance, recently announced that it has obtained a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). This significant milestone solidifies Tokocrypto as the third exchange in the country to receive such a license, amidst a backdrop of growing interest in cryptocurrency trading.
Over the past year, Tokocrypto has experienced remarkable growth, with its user base swelling to over 4.5 million and monthly trading volume spiking by 138%. This surge in activity reflects a burgeoning trust in Tokocrypto’s services and adherence to regulatory standards. Yudhono Rawis, the CEO of Tokocrypto, underscored the importance of the PFAK license in realizing the company’s vision of becoming Indonesia’s premier crypto-asset trading platform.
Binance, the global cryptocurrency exchange giant that acquired Tokocrypto in late 2022, has expressed its full support for Tokocrypto’s achievement. Richard Teng, Binance’s CEO, lauded Tokocrypto’s commitment to regulatory compliance and emphasized the exchange’s dedication to fostering growth in the Web3 ecosystem in the region. This endorsement from Binance further cements Tokocrypto’s position as a key player in the Indonesian crypto market.
Following the announcement of the PFAK license, Tokocrypto’s native TKO token recorded a 15% price increase, reflecting market optimism surrounding the exchange’s regulatory compliance efforts. This positive development underscores Binance’s unwavering commitment to regulatory standards under Teng’s leadership. Despite its successes, Binance has faced challenges in regions like Nigeria, where an executive has been detained since February, prompting concerns over regulatory uncertainties in certain jurisdictions.
Tokocrypto’s acquisition of the PFAK license in Indonesia represents a major milestone in the exchange’s journey towards becoming a leading player in the crypto space. With the support of Binance and a track record of growth and regulatory compliance, Tokocrypto is poised to further solidify its position in the Indonesian market and contribute to the advancement of the broader cryptocurrency ecosystem.
