Tokocrypto, an Indonesian cryptocurrency exchange owned by Binance, has become the third exchange in the country to receive a full license as a Physical Crypto Asset Dealer (PFAK) from Indonesia’s Commodity Futures Trading Regulatory Authority (Bappebti).
Binance Unit Tokocrypto Becomes Third Crypto Exchange to Receive Full License in Indonesia
The milestone comes after Binance, previously the exchange’s majority shareholder, acquired Tokocrypto in late 2022. The license authorizes Tokocrypto to operate within Indonesia’s evolving regulatory framework for crypto assets.
In 2023, Indonesia introduced a requirement for all crypto exchanges to register with the Commodity Future Exchange (CFX), the world’s first national exchange for crypto assets, regulated by Bappebti.
The exchange operates similarly to a traditional stock exchange but focuses specifically on digital assets, a move driven by Indonesia’s growing demand for cryptocurrencies.
“We are proud to be the third exchange in Indonesia to receive the PFAK license,” said Tokocrypto CEO Yudhono. “There are 35 potential crypto exchanges registered with Bappebti in this market, and we are excited to be a part of this vibrant ecosystem.”
Currently, more than 30 exchanges are still awaiting regulatory approval. Tokocrypto’s full license further strengthens its position in the rapidly growing Indonesian crypto market.
*This is not investment advice.