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Binance, one of the world’s biggest crypto exchanges, shared that its subsidiary, Tokocrypto, has obtained a Physical Crypto Asset Trader (PFAK) license in Indonesia. This makes Tokocrypto the third crypto exchange in Indonesia to receive this license, which was issued by the country’s Commodity Futures Trading Regulatory Agency (Bappebti).
Tokocrypto received the PFAK license after undergoing a thorough approval process. The exchange started working on meeting all the requirements in 2019 when it registered as a prospective PFAK. Now fully licensed, Tokocrypto can officially operate as a physical crypto asset trader in Indonesia. This license ensures that Tokocrypto’s trading activities comply with Bappebti's strict rules, helping to protect investors. As a result, it’s expected to boost investor confidence in the platform. It also shows that Tokocrypto is dedicated to offering secure, reliable, and transparent trading services.
With over 4.5 million users and a 138% increase in monthly trade volume this year, Tokocrypto’s success reflects its growing trust among investors. This is also a big win for Binance, strengthening its position in the Indonesian crypto market. Binance’s CEO, Richard Teng, expressed the company’s support, saying, “Binance is fully committed to helping Tokocrypto grow the Web3 ecosystem in the region.” He added that this new license aligns with Binance’s goal of building a transparent and reliable crypto industry in Indonesia.
The timing of Tokocrypto’s license comes as Binance faces several challenges with regulators worldwide. In Nigeria, Binance was recently accused of tax evasion and not properly declaring its financial activities. The Federal Inland Revenue Service (FIRS) brought the case, which is set to be heard in court on October 11. Binance also faced difficulties in the Philippines, where regulators ordered the removal of its app from Google and Apple stores earlier this year, citing risks to investors. In the U.S., Binance’s former CEO, Changpeng Zhao, was sentenced to four months in prison after pleading guilty to money laundering and other regulatory violations. Although he remains the largest shareholder of Binance, he can no longer hold a management position in the company.
Despite these issues, Binance continues to push forward with its operations. For instance, Binance recently got approval to operate in Kazakhstan, where it’s on track to become the country’s first fully registered crypto exchange. Binance Kazakhstan has even undergone external financial audits and achieved ISO certifications for its IT systems.
Binance is also working to meet regulatory requirements in South Africa and Bahrain. In particular, Binance Bahrain is asking South African users to sign up for new accounts under updated regulations, including agreeing to new Terms of Service and completing the Know Your Customer (KYC) process again. These steps show Binance’s dedication to complying with crypto regulations worldwide.
editor
A web 3 girl living in a web 2 world.