Tokocrypto, a subsidiary of Binance, recently made headlines by securing a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). This achievement solidifies Tokocrypto’s position as the third exchange in Indonesia to receive such a license, amidst stiff competition in the market. With 35 prospective crypto exchanges registered with Bappebti, Tokocrypto’s success is a testament to its dedication to regulatory compliance and commitment to becoming Indonesia’s leading crypto-asset trading platform.
Yudhono Rawis, Tokocrypto’s CEO, highlighted the significance of the PFAK license in achieving the company’s goal. He emphasized Tokocrypto’s commitment to high standards of regulatory compliance over the past two years, culminating in this milestone achievement. With a rapidly growing user base of over 4.5 million and a monthly trading volume that has increased by 138%, Tokocrypto is gaining traction and trust in the market.
Binance, the global cryptocurrency exchange giant, fully acquired Tokocrypto in late 2022, after holding a majority stake in the company. Richard Teng, Binance’s CEO, commended Tokocrypto’s achievement and reaffirmed Binance’s commitment to supporting its mission to promote Web3 growth in the region. This acquisition and support from Binance have provided Tokocrypto with the resources and expertise to navigate the competitive crypto market in Indonesia and beyond.
Following the news of Tokocrypto’s license achievement, CoinMarketCap data showed a 15% increase in the price of Tokocrypto’s native TKO token, reaching $0.3342. This positive market response reflects investors’ confidence in Tokocrypto’s regulatory compliance efforts and growth prospects. It also underscores Binance’s leadership in driving regulatory compliance and growth in the crypto industry.
While Tokocrypto celebrates its success in Indonesia, Binance continues to face challenges in other regions. In Nigeria, authorities have detained Binance executive, Tigran Gambaryan, since February, sparking concerns over regulatory scrutiny and compliance. Despite these challenges, Binance remains focused on expanding its presence in various regions, including securing licenses in Kazakhstan and India, to drive the growth of the Web3 ecosystem.
Tokocrypto’s license achievement in Indonesia’s competitive crypto market is a significant milestone that underscores the company’s commitment to regulatory compliance and growth. With Binance’s support and expertise, Tokocrypto is well-positioned to lead the way in promoting the adoption of crypto assets in the region and beyond.
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