Binance-backed Indonesian crypto exchange Tokocrypto (TKO) has obtained a physical crypto asset trader (PFAK) license from the Indonesian regulator Commodity Futures Trading Regulatory Agency (also known as Bappebti).
In a September 9, 2024 announcement, Binance revealed that the local exchange initially registered as a potential physical crypto asset trader (CPFAK) in 2019 and now has completed a thorough licensing process to attain full operational status as a physical crypto asset trader.
Yudhono Rawis, the CEO of Tokocrypto, expressed the company’s pride in this achievement, stating,
“We are proud of this achievement to become the third exchange to receive PFAK license in Indonesia, the market which has 35 prospective crypto exchanges registered with Bappebti. This is an essential part of our strategy to build a solid foundation in the crypto-asset ecosystem in Indonesia and ensure that we can provide the best services to our customers.”
Binance reportedly acquired the exchange in late 2022 for an undisclosed amount, and it resulted in the departure of former CEO Pang Xue Kai and a 58% reduction in staff. However, the exchange now reports a significant expansion in 2024, with its user base growing to over 4.5 million and a 138% monthly average trading volume increase.
Richard Teng, CEO of Binance, congratulated Tokocrypto on its achievement, emphasizing Binance’s commitment to enhancing Indonesia’s Web3 landscape. Teng highlighted that Binance’s support has been crucial in fostering a secure and transparent trading environment in the region.
Following the announcement, Tokocrypto’s native token, TKO, experienced a 12% increase in a single day and a nearly 23% surge over the month, bringing its market capitalization to $24.7 million.
Meanwhile, this follows Binance’s push for regulatory compliance in its operations. It builds on its recent streak of obtaining regulatory approval to operate in countries globally. The exchange recently announced that its local branch in Kazakhstan is poised to become the country’s first fully regulated cryptocurrency exchange. It was noted that it had received “formal consent” for a full regulatory license from Kazakhstan’s financial regulator, the Astana Financial Services Authority (AFSA), after completing all the required processes.
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