Binance has achieved a significant milestone in its global expansion as its Indonesian subsidiary, Tokocrypto, received regulatory approval from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). The approval, announced Monday, grants Tokocrypto the Physical Crypto Asset Trader License (PFAK), allowing the exchange to operate as a fully compliant crypto trader in the country.
Recognition from Binance Leadership
Binance CEO Richard Teng congratulated Tokocrypto on social media platform X (formerly Twitter), highlighting the importance of the regulatory approval. He emphasized that the license guarantees Tokocrypto’s operations are fully aligned with Indonesian regulations, enhancing trust and security for its users.
Binance’s Continued Success Despite Challenges
Binance remains one of the world’s leading cryptocurrency exchanges. Known for its strong brand and global presence, the exchange has maintained its dominant position despite facing challenges, including a $4 billion fine from the U.S. Department of Justice, which resulted in the departure of its founder, Changpeng Zhao.
Nonetheless, Binance continues to expand its footprint, with Tokocrypto’s regulatory success in Indonesia marking another key achievement. According to a press release from Binance, the approval reflects the company’s commitment to “regulatory compliance and fostering investor trust.”
Growing Popularity of Tokocrypto
As part of the Binance group, Tokocrypto has experienced substantial growth in 2024, with a user base that now exceeds 4.5 million. Additionally, the exchange’s monthly trading volume surged by an impressive 138%, highlighting its increasing popularity in Indonesia’s growing crypto market.
In a statement, Binance noted, “The license ensures that crypto-asset trading on Tokocrypto meets Bappebti’s strict licensing standards, thereby safeguarding investor interest.” Teng also reiterated Binance’s commitment to supporting Tokocrypto as it seeks to drive the growth of the Web3 ecosystem in the region.
