Cryptocurrency exchange Binance has seen one of its subsidiaries get regulatory approval in Indonesia. Indeed, Tokocrypto, based in the country, has received a license through Indonesia’s Commodity Futures Trading Regulatory Agency, or Bappebti.
Binance CEO Richard Teng took to X (formerly Twitter) Monday to congratulate the exchange on the license. Specifically, it had been granted the Physical Crypto Asset Trader License (PFAK). This allows a company to fully operate as a physical crypto trader. Moreover, it assures that the firm’s platform is in total compliance with the nation’s regulations.
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Binance Subsidiary Tokocrypto Gets Indonesia Regulatory License
Since its inception, Binance has been one of the most popular cryptocurrency exchanges in the world. Moreover, it boasts perhaps the most notable brand in the sector. That has led it to be one of the most used platforms on the planet. The exchange was even able to navigate a $4 billion fine from the US Department of Justice that saw founder Changpeng Zhao ousted from the firm.
Yet, that has not seemed to hinder its success. In a recent triumph, Binance has seen its subsidiary, Tokocrypto, get a regulatory license in Indonesia. A press release from the exchange noted the license is a key byproduct of the firm’s “commitment to regulatory compliance and fostering investor trust.”
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The Indonesian-based exchange is destined as “part of the Binance group.” Moreover, it has a user base that has already surpassed 4.5 million in 2024. Additionally, its monthly trading volume saw a massive surge this year, growing by 138%, according to the aforementioned press release.
“The license ensures that crypto-asset trading on Toikocrypto meets Mappenti’s strict licensing standards, thereby safeguarding investor interest,” Binance said in its announcement. Moreover, Teng reiterated the exchange’s commitment to ” supporting Tkokocryto in its mission to drive the growth of the Web3 ecosystem in the region.”