The acquisition of a Physical Crypto Asset Trader (PFAK) license by Tokocrypto, a subsidiary of Binance, from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has marked a significant milestone for the exchange. This development positions Tokocrypto as the third exchange in Indonesia to receive the PFAK license, out of a total of 35 prospective crypto exchanges registered with Bappebti. The CEO of Tokocrypto, Yudhono Rawis, highlighted the importance of this license in achieving the company’s goal of becoming Indonesia’s leading crypto-asset trading platform. This achievement reflects Tokocrypto’s commitment to regulatory compliance and signifies growing trust in its services among users.
Binance, which fully acquired Tokocrypto in late 2022, had previously held a majority stake in the company. The CEO of Binance, Richard Teng, praised Tokocrypto’s achievement and described it as a testament to the exchange’s dedication to regulatory compliance. Teng emphasized Binance’s commitment to supporting Tokocrypto’s mission to promote Web3 growth in the region. This partnership between Binance and Tokocrypto aims to drive the growth of the Web3 ecosystem in Indonesia and beyond.
Following the news of Tokocrypto’s PFAK license, CoinMarketCap data showed that the exchange’s native TKO token experienced a 15% price increase to $0.3342. This market response reflects growing confidence in Tokocrypto’s regulatory compliance standards under Binance’s leadership. The milestone achieved by Tokocrypto reinforces Binance’s commitment to regulatory compliance as it expands its presence in various regions. Despite its successes, Binance faces challenges in some jurisdictions, such as Nigeria, where authorities have detained one of its executives since February.
Tokocrypto’s acquisition of the PFAK license in Indonesia represents a significant step towards establishing itself as a leading crypto-asset trading platform in the region. The partnership with Binance and the support of regulatory authorities will play a crucial role in driving the growth of the Web3 ecosystem. As Tokocrypto continues to expand its user base and trading volume, it will be essential for the exchange to maintain its commitment to regulatory compliance and uphold the trust of its users and investors.
