Key Takeaways:
- Tokocrypto, a Binance subsidiary, has secured a full license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti).
- The license allows Tokocrypto to operate as an authorized Physical Crypto Asset Trader (PFAK).
- Tokocrypto is the third exchange in Indonesia to receive this license.
- The exchange leads the Indonesian crypto market with a 43% market share, followed by Indodax (42%) and Upbit Indonesia (15%).
- Binance has increased its stake in Tokocrypto, solidifying its presence in Indonesia.
Tokocrypto, an Indonesian cryptocurrency exchange backed by Binance, has received full authorization to operate as a Physical Crypto Asset Trader (PFAK) under Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti).
This license allows Tokocrypto to operate legally within Indonesia’s crypto framework, marking a significant step for the exchange as one of only three in the country to achieve full regulatory approval.
Announced on September 9, 2024, the PFAK license follows Tokocrypto’s previous status as a “prospective” crypto exchange, a transitional classification many exchanges have operated under since 2019.
Tokocrypto’s CEO, Yudhono Rawis, highlighted the importance of this license in securing the exchange’s position as the top platform in Indonesia.
In 2023, Tokocrypto led the Indonesian market with a 43% share in trading volume, followed closely by Indodax at 42%, according to CoinGecko. The new license strengthens its competitive edge against the 35 other prospective crypto exchanges in the country.
Binance’s involvement in Tokocrypto began in 2020, when it made a significant investment to expand its presence in Indonesia.
In 2022, Binance increased its stake, providing additional capital and gaining more control over the exchange. Recently, Binance revealed Tokocrypto is now officially its subsidiary, indicating a controlling interest.
With the full license, Tokocrypto is well-positioned to expand further in Indonesia’s rapidly growing crypto market. However, competition remains intense as other exchanges work toward securing similar regulatory approval.
