As a researcher with years of experience in the cryptocurrency market, I find this news about Tokocrypto securing a license from Indonesia’s regulator to operate as a licensed crypto asset trader quite intriguing. Having closely observed the Indonesian crypto sector’s evolution, it is evident that regulatory compliance is a significant milestone for any exchange in this region.
Through securing a license from the Indonesian regulatory body, Tokocrypto – an associate of Binance – is now authorized to function as a legally recognized cryptocurrency trading platform within Indonesia.
Tokocrypto, a digital currency trading platform owned by Binance, has been granted a physical cryptocurrency asset trader license from the Commodity Futures Trading Regulatory Agency (Bappebti) in Indonesia. This move marks progress for the exchange within Indonesia’s growing crypto industry.
According to a statement released on September 9th, Tokocrypto – initially registered as a potential physical cryptocurrency trader in 2019 – has successfully gone through a thorough licensing procedure and is now fully authorized to operate as a physical cryptocurrency trader.
Richard Teng, CEO of Binance, commended the accomplishment, calling it a demonstration of the exchange’s commitment to regulatory compliance and its part in building a strong cryptocurrency infrastructure within Indonesia.
We’re thrilled to announce that we’ve earned the PFAK license, making us the third exchange to do so in Indonesia. This market boasts a total of 35 potential cryptocurrency exchanges registered with Bappebti.
Yudhono Rawis, Tokocrypto CEO
After the recent announcement, I observed a significant jump in the value of Tokocrypto’s native token, TKO, soaring by approximately 12% on that day alone. Over the course of the month, it has seen an impressive increase of nearly 23%. This surge has elevated its market capitalization to a notable figure of $24.7 million.
In 2024, Tokocrypto experienced substantial growth, with its user base skyrocketing to more than 4.5 million and a remarkable 138% rise in their monthly average trading volume. Towards the end of 2022, Binance completed an acquisition of the exchange without disclosing the purchase price. This move resulted in the departure of former CEO Pang Xue Kai and a decrease of 58% in the workforce.
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2024-09-09 13:42