Binance announces Tokocrypto's PFAK license in Indonesia

Banking & Financial Services
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Yudhono Rawis, CEO of TokocryptoBinance announces Tokocrypto's PFAK license in Indonesia | LinkedIn

Binance announced that Tokocrypto, part of the Binance group, has received a Physical Crypto Asset Trader (PFAK) license from Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti). This license allows Tokocrypto to operate as a physical crypto-asset trader and support the country's Web3 industry.

The PFAK license strengthens the exchange's compliance with local regulations and supports Indonesia's growing crypto sector. According to a press release by Binance, Tokocrypto’s user base has surpassed 4.5 million this year, with a 138% rise in monthly average trading volume.

After initially registering as a prospective trader in 2019, Tokocrypto completed the regulatory process to meet Bappebti’s standards. The new license allows Tokocrypto to continue operating within Indonesia’s legal framework, according to Binance.

According to a press release by Binance, Yudhono Rawis, CEO of Tokocrypto said, "Over the past two years, Tokocrypto has continuously strengthened its commitment to maintaining high standards of regulatory compliance. 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. This is an essential part of our strategy to build a solid foundation in the crypto-asset ecosystem in Indonesia and ensure that we can provide the best services to our customers."

Binance operates as a major global blockchain platform, featuring the largest digital asset exchange by trading volume. The company offers a wide range of financial products and services and is known for its comprehensive ecosystem, which includes educational resources, research, charitable initiatives, and an NFT marketplace. In 2022, the platform saw significant activity, with an average daily trading volume of $65 billion and 300 billion spot transactions.