Crypto exchange Tokocrypto, a part of Binance Group, has achieved a major milestone by securing the Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), allowing it to operate as a licensed crypto asset trader. This move highlights Tokocrypto’s commitment to regulatory compliance and strengthens its position in Indonesia’s growing crypto market. Backed by Binance, the platform has seen significant growth, reaching 4.5 million users in 2024 with a notable increase in trading volume.
Binance-Backed Tokocrypto Achieves Major Milestone With Indonesian License
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Tokocrypto Secures PFAK License, Boosting Indonesia’s Crypto Landscape
Crypto exchange Binance announced on Monday that Tokocrypto, a part of the Binance Group, has secured a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). Binance said:
This landmark achievement underscores Tokocrypto and Binance’s commitment to regulatory compliance and marks a pivotal moment in the development of Indonesia’s crypto-asset industry.
Tokocrypto began registering as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019 and has since undergone a detailed licensing process. The PFAK license allows the company to operate officially as a crypto asset trader under Indonesia’s regulatory framework.
The CEO of Tokocrypto, Yudhono Rawis, explained that the license is critical to their strategy, stating: “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.”
Binance CEO Richard Teng said:
Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region.
In 2024, Tokocrypto surpassed 4.5 million users, with a 138% increase in monthly trading volume. This growth shows Tokocrypto’s strong market momentum. With Binance’s ongoing support, Tokocrypto aims to solidify its leadership in Indonesia’s crypto sector while maintaining high regulatory standards.
What do you think about Tokocrypto’s PFAK license and its potential impact on Indonesia’s crypto landscape? Let us know in the comments section below.
