Jakarta, Wednesday, September 18, 2024 – Binance-backed crypto exchange Tokocrypto has obtained the Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti)…
This license allows Tokocrypto to operate legally as a crypto asset trader within the country’s regulatory framework.
Reports said that the license showed Tokocrypto’s commitment to regulatory compliance and reinforces its role in Indonesia’s rapidly expanding crypto market.
Since registering as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019, Tokocrypto has undergone a rigorous licensing process to secure this approval.
Yudhono Rawis, Tokocrypto’s CEO, expressed pride in becoming the third exchange in Indonesia to receive the PFAK license. He emphasized the company’s commitment to growth, noting that Indonesia’s crypto market has 35 other prospective exchanges registered with Bappebti.
Binance CEO Richard Teng also reaffirmed Binance’s ongoing support for Tokocrypto, highlighting their shared mission to promote the Web3 ecosystem in the region.
In 2024, Tokocrypto reached over 4.5 million users, with a remarkable 138% surge in monthly trading volume, demonstrating its growing influence. With this new license and continued backing from Binance, Tokocrypto aims to solidify its leadership in Indonesia’s crypto space while adhering to high regulatory standards.
