Tokocrypto Exchange Binance Gains Full Indonesia License
Tokocrypto Exchange Binance Expands with Full License in Indonesia
On Sept. 9, Tokocrypto Exchange announced that it had received the Physical Crypto Asset Trader (PFAK) license from Indonesia's Commodity Futures Trading Regulatory Agency, also known as Bappebti. This milestone officially grants Tokocrypto the full authority to operate as a physical crypto asset trader in compliance with the country’s regulatory framework. The PFAK license ensures that the exchange follows Indonesia’s trading rules, marking a significant development for the company.
From Prospective to Fully Licensed Exchange
Since 2014, Indonesian exchanges operated within the “prospective crypto exchange” category, with Tokocrypto being registered as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019. During the same year, Bappebti laid out a clear framework, requiring exchanges to seek full authorization to operate in the market. Tokocrypto’s latest license is the culmination of this process, positioning it among the fully regulated platforms in Indonesia.
Tokocrypto: The Third Licensed Crypto Exchange in Indonesia
Tokocrypto’s CEO, Yudhono Rawis, revealed that the company is now the third crypto exchange to receive the PFAK license in Indonesia. He also noted that there are currently 35 prospective crypto exchanges awaiting full authorization from the country’s futures regulator. “Obtaining this license is a key part of our strategy to become the leading crypto platform in Indonesia,” Rawis stated, emphasizing the company’s commitment to offering top-notch services to its customers.
Tokocrypto Leads the Market in Indonesia
In 2023, Tokocrypto ranked as the largest exchange in Indonesia by trading volume. Data from CoinGecko indicates that the platform held a dominant 43% market share among Indonesia’s top three centralized exchanges. Its closest rival, Indodax, accounted for 42% of the market, while Upbit Indonesia captured 15%.
A Binance Subsidiary with Global Backing
Tokocrypto’s growth has been fueled by strategic investments from Binance, one of the world’s largest crypto exchanges. Binance first invested in Tokocrypto in 2020, further increasing its stake in 2022. This financial backing has strengthened Tokocrypto’s position in the Indonesian market. Binance has since revealed that Tokocrypto is now its “subsidiary,” highlighting Binance controlling stake in the Indonesian exchange.
Conclusion
With its new PFAK license and Binance’s support, Tokocrypto is poised to solidify its position as the leading crypto exchange in Indonesia, offering a fully compliant and competitive platform for crypto trading.
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