- Tokocrypto has obtained an important crypto license.
- The digital asset platform is backed by Binance, the world’s largest exchange by trade volume.
- Binance CEO lauded Tokocrypto’s win, terming it a “significant achievement.”
Tokocrypto has secured a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), the Binance-backed crypto exchange said Monday.
Bappebti regulates Indonesia’s bourse for crypto assets, which the government launched in July 2023 to serve as a national exchange and clearinghouse for digital assets. Late last year, the government introduced a requirement for all exchanges seeking to operate in the country to register with the bourse.
Tokocrypto Becomes Third Licensed Exchange in Indonesia
In a press release on September 9, Tokocrypto announced that it obtained Bappebti’s full authorization after registering as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019 and navigating a “rigorous” licensing process to meet all regulatory requirements.
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The development makes Tokocrypto the third fully licensed exchange in the country, allowing it to operate as a legal physical crypto asset trader.
“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,” Tokocrypto CEO Yudhono Rawis stated.
Binance CEO Richard Teng lauded Tokocrypto’s regulatory milestone, noting that it was a testament to the exchange’s dedication to compliance. The CEO reiterated that Binance was committed to “fully supporting” Tokocrypto in its mission to drive Indonesia’s Web3 ecosystem growth.
Per the statement, Tokocrypto’s user base topped 4.5 million in 2024 as the average trading volume surged by 138%, underscoring its consistent growth and increasing trust in the domestic crypto landscape.
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