In a recent announcement, crypto exchange Binance revealed that its subsidiary Tokocrypto has successfully obtained a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). This development marks a significant milestone for Tokocrypto, positioning it as the third exchange in Indonesia to receive such a license.
Impressive Growth of Tokocrypto
One of the key highlights of Tokocrypto’s journey has been its remarkable growth over the past year. With a user base exceeding 4.5 million and a 138% increase in monthly trading volume, the exchange has been able to instill growing trust among its users. This growth showcases Tokocrypto’s commitment to providing reliable and secure crypto trading services in the Indonesian market.
Yudhono Rawis, the CEO of Tokocrypto, emphasized the importance of regulatory compliance in achieving the company’s goal of becoming Indonesia’s leading crypto-asset trading platform. Rawis expressed pride in being the third exchange to receive the PFAK license in a market where 35 prospective crypto exchanges are registered with Bappebti.
Binance, the parent company of Tokocrypto, has been a key player in supporting the exchange’s growth. With the acquisition of Tokocrypto in late 2022, Binance has further strengthened its presence in the Indonesian crypto market. Richard Teng, CEO of Binance, lauded Tokocrypto’s achievement as a testament to its dedication to regulatory compliance and reiterated Binance’s commitment to promoting Web3 growth in the region.
Market Response and Future Prospects
Following the news of the PFAK license acquisition, CoinMarketCap data indicated a 15% increase in Tokocrypto’s native TKO token value. This milestone not only reflects investor confidence in Tokocrypto but also reinforces Binance’s adherence to regulatory standards under Teng’s leadership. Despite recent successes, Binance continues to face challenges in regions like Nigeria, where an executive has been detained since February, raising concerns over regulatory compliance and operational hurdles.
Tokocrypto’s attainment of the PFAK license in Indonesia underscores the company’s commitment to regulatory compliance and growth in the crypto market. With Binance’s unwavering support and a burgeoning user base, Tokocrypto is well-positioned to solidify its presence as a leading crypto-asset trading platform in Indonesia.
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