Binance-Backed Tokocrypto Gets Crypto License in Indonesia

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As an analyst with over two decades of experience in the financial industry, I’ve seen countless companies navigate the complex landscape of regulation and growth. Tokocrypto’s recent achievement of obtaining a Physical Crypto Asset Trader (PFAK) license is a testament to their resilience, determination, and commitment to compliance.

On September 9th, Tokocrypto, Indonesia’s leading cryptocurrency exchange and an affiliate of Binance, achieved a significant milestone by securing a Physical Crypto Asset Trader (PFAK) license from the Commodity Futures Trading Regulatory Agency (Bappebti).

Thanks to the recently obtained PFAK license, Tokocrypto is now authorized to function as a genuine physical cryptocurrency trader. This development represents a substantial leap forward in their growth and commitment to regulatory compliance.

Tokocrypto’s journey toward this milestone began in 2019 when it was officially registered as a Potential Physical Cryptocurrency Asset Trader (CPFAK). Since then, the company has navigated a challenging licensing procedure to fulfill all of Bappebti’s stipulations.

Yudhono Rawis, head of Tokocrypto, expressed his joy about obtaining the license, mentioning that Tokocrypto is now one of only three cryptocurrency exchanges in Indonesia with this certification. With 35 other potential exchanges waiting for their licenses, Tokocrypto’s recent achievement underscores its dedication to maintaining high standards and solidifies its standing as a front-runner in Indonesia’s digital currency market.

Rawis stated, “For us to lead as the premier trading platform in Indonesia and offer superior user services, this agreement is indispensable.

The license arrives during a period where Tokocrypto is witnessing substantial expansion. This year alone, its user count has exceeded 4.5 million, while its monthly trading volume has soared by an impressive 138%.

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2024-09-09 17:57