Binance’s Indonesian subsidiary Tokocrypto has received a full license from “Bappebti,” the country’s Commodity Futures Trading Regulatory Agency. With the Physical Crypto Asset Trader (PFAK) license, Tokocrypto becomes an authorized physical crypto asset trader in the country.
Binance shed light on Binance group and Tokocrypto’s commitment to regulatory compliance. Acknowledging the acquisition, Binance stated,
We are thrilled to announce that Tokocrypto… has secured a license [in Indonesia]…This landmark achievement underscores Tokocrypto and Binance’s commitment to regulatory compliance and marks a pivotal moment in the development of Indonesia’s crypto-asset industry.
Tokocrypto’s Licensing Story
The platform applied for a Prospective Physical Crypto Asset Trader (CPFAK) in 2019. It navigated a challenging licensing process and met all the criteria established by Bappebti to secure the license.
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Binance believes the PFAK license marks a landmark moment that strengthens investor trust and confidence. This regulatory approval underscores Tokocrypto’s commitment to complying with cryptocurrency regulations. It reinforces the firm’s dedication to delivering secure, transparent, and trustworthy crypto-asset trading experiences for Indonesian users.
Tokocrypto’s Third Rank
CEO Yudhono Rawis asserted that Tokocrypto is the third crypto exchange to receive a license in Indonesia. Around 35 prospective crypto exchanges have registered with the country’s regulatory agency. Rawis posited that Tokocrypto’s license acquisition helps to build a “solid foundation in the crypto-asset ecosystem.”
Binance CEO’s Words of Praise
Binance CEO Richard Teng appreciated its subsidiary’s achievement. He asserted that the achievement highlights the platform’s dedication to regulatory compliance and that the move reflects the platform’s vision of establishing a robust and transparent crypto exchange in the nation.
