Recently, Binance’s subsidiary Tokocrypto made headlines by obtaining a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). This significant milestone positions Tokocrypto as only the third exchange in Indonesia to receive such a license, amidst a total of 35 prospective crypto exchanges registered with Bappebti.
In the past year, Tokocrypto has experienced remarkable growth, boasting a user base of over 4.5 million and witnessing a 138% increase in monthly trading volume. These figures not only reflect Tokocrypto’s expanding popularity but also signal a growing trust in its services among the Indonesian crypto community.
Yudhono Rawis, Tokocrypto’s CEO, emphasized the company’s commitment to regulatory compliance as a key factor in obtaining the PFAK license. He expressed pride in becoming the third exchange in Indonesia to achieve this feat, highlighting the importance of adhering to high standards of regulatory practices in the crypto industry.
Following Binance’s full acquisition of Tokocrypto in late 2022, the CEO Richard Teng commended Tokocrypto’s achievement, praising its dedication to regulatory compliance. Teng reiterated Binance’s commitment to supporting Tokocrypto’s mission of fostering Web3 growth in the region, underscoring the synergy between the two entities in the rapidly evolving crypto landscape.
In response to the news, CoinMarketCap data revealed a 15% increase in Tokocrypto’s native TKO token, reaching $0.3342. This positive market response not only reflects investor confidence in Tokocrypto’s future prospects but also reinforces Binance’s commitment to regulatory compliance and transparency under Teng’s leadership.
Despite its recent successes, Binance faces challenges in certain regions, notably in Nigeria, where one of its executives, Tigran Gambaryan, has been detained since February. The ongoing detention of Gambaryan has raised concerns among US lawmakers, highlighting the complexities and regulatory hurdles that crypto exchanges must navigate in an increasingly scrutinized industry.
Tokocrypto’s attainment of the PFAK license marks a significant milestone in Indonesia’s crypto landscape, showcasing the company’s dedication to regulatory compliance and its pivotal role in driving the growth of the crypto ecosystem in the region. As Binance continues to support and collaborate with Tokocrypto, the future looks promising for both entities as they navigate the evolving regulatory environment and strive to innovate in the fast-paced world of cryptocurrencies.