Tokocrypto Exchange Binance Gains Full Indonesia License

Tokocrypto Exchange Gains Full License, Expands Under Binance in Indonesia

On September 9, Tokocrypto Exchange announced that it had secured the Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency, known as Bappebti. This milestone grants Tokocrypto the full legal authority to operate as a regulated physical crypto asset trader, marking a significant step forward for the platform within Indonesia’s growing cryptocurrency market. The PFAK license ensures compliance with the country’s strict trading regulations, positioning Tokocrypto as one of the few fully authorized exchanges in Indonesia.

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From Prospective to Fully Licensed Exchange

Since 2014, cryptocurrency exchanges in Indonesia operated under the "prospective crypto exchange" category. Tokocrypto was officially registered as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019. That same year, Bappebti introduced a regulatory framework mandating exchanges to obtain full licenses to continue operating. Tokocrypto’s newly acquired PFAK license is the result of this regulatory process, elevating the exchange into a select group of fully licensed platforms.

Tokocrypto: Indonesia’s Third Licensed Crypto Exchange

Tokocrypto’s CEO, Yudhono Rawis, highlighted that the company is now the third crypto exchange in Indonesia to obtain the prestigious PFAK license. He also revealed that 35 prospective crypto exchanges are still awaiting full approval from Bappebti. “Securing this license is a key component of our strategy to establish Tokocrypto as Indonesia’s leading cryptocurrency platform,” Rawis said, underlining the company's dedication to offering world-class services to its users.

Market Leader in Indonesia’s Crypto Sector

In 2023, Tokocrypto ranked as Indonesia’s largest crypto exchange by trading volume, holding a dominant 43% market share, according to data from CoinGecko. Indodax, its closest competitor, controlled 42% of the market, while Upbit Indonesia trailed with 15%. Tokocrypto’s leadership in the market reflects its strong user base and competitive services.

Backed by Binance: A Global Crypto Powerhouse

Tokocrypto’s rapid growth has been driven by strategic backing from Binance, one of the largest cryptocurrency exchanges globally. Binance initially invested in Tokocrypto in 2020, before increasing its stake in 2022, eventually turning Tokocrypto into its subsidiary. This financial and operational support from Binance has helped Tokocrypto secure its place as a key player in Indonesia’s crypto ecosystem.

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Conclusion

With its new PFAK license and the backing of Binance, Tokocrypto is well-positioned to strengthen its foothold in Indonesia’s cryptocurrency market. As one of the few fully licensed platforms, it now offers traders a compliant, secure, and competitive environment for crypto transactions. Tokocrypto’s rise, coupled with its regulatory success, sets the stage for continued growth and innovation in Indonesia’s fast-evolving digital asset space.

Source: coingabbar

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Writer @Elena

Elena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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