Recently, Binance’s subsidiary, Tokocrypto, announced that it had obtained a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency. This achievement has positioned Tokocrypto as just the third exchange in Indonesia to receive such a license, out of the 35 prospective crypto exchanges registered with Bappebti.
Over the past year, Tokocrypto has experienced substantial growth, with its user base exceeding 4.5 million and monthly trading volume surging by 138%. This surge reflects an increase in trust in Tokocrypto’s services among investors and traders. Yudhono Rawis, the CEO of Tokocrypto, highlighted the importance of this license in advancing the company’s goal of becoming the leading crypto-asset trading platform in Indonesia.
Binance, having acquired Tokocrypto fully in 2022 after previously holding a majority stake in the company, applauded Tokocrypto’s achievement. Richard Teng, Binance’s CEO, commended Tokocrypto’s dedication to regulatory compliance and reaffirmed Binance’s commitment to aiding Tokocrypto in promoting Web3 growth in the region.
Following the news of Tokocrypto’s PFAK license, its native TKO token saw a 15% increase to $0.3342, indicating investor optimism in the company’s future. This milestone further solidifies Binance’s dedication to regulatory compliance under Teng’s leadership, as the exchange continues to secure licenses in various regions like Kazakhstan and India.
However, despite its successes, Binance faces challenges in Nigeria where its executive, Tigran Gambaryan, has been detained since February. This situation has attracted criticism from US lawmaker French Hill, who visited Gambaryan and expressed concerns over his health and prolonged detention. Hill labeled the situation as outrageous and called for appropriate action to be taken.
Tokocrypto’s acquisition of the PFAK license in Indonesia is a significant milestone that highlights the company’s commitment to regulatory compliance and its aspirations to lead the crypto-asset trading market in the region. With Binance’s support and backing, Tokocrypto is well-positioned to continue its growth and impact in the evolving digital currency landscape.
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