Binance's Indonesian Subsidiary Tokocrypto Secures Full License as Physical Crypto Asset Trader

Binance's Indonesian subsidiary has just scored a full license from the country's Commodity Futures Trading Regulatory Agency, known as Bappebti. This is a big deal! Over 30 crypto exchanges have applied for their own full licenses.

Tokocrypto, the Indonesian crypto exchange owned by Binance, is now officially recognized as a Physical Crypto Asset Trader (PFAK) by Bappebti.

Binance took the reins of Tokocrypto in late 2022, after having held a majority stake in the company for some time.

In late 2023, Indonesia rolled out a requirement for all crypto exchanges to register with what it calls the world's first national bourse for crypto assets. This bourse, known as the Commodity Future Exchange (CFX), will be regulated by Bappebti and will operate much like a traditional stock exchange, but with a specific focus on digital assets.

This regulatory move comes in response to the growing demand for cryptocurrency in Indonesia.

Tokocrypto's CEO, Yudhono, expressed pride in their achievement, stating, “We are proud to become the third exchange to receive the PFAK license in Indonesia, a market with 35 prospective crypto exchanges registered with Bappebti.”