Tokocrypto Receives A Full License Approval With PFAK Licensing: A Major Milestone for Binance Subsidiary and Indonesia’s Crypto Industry
Binance is thrilled to announce that Tokocrypto, Indonesia’s premier cryptocurrency exchange and a proud part of the Binance group, has successfully obtained a license as a Physical Crypto Asset Trader (PFAK) from the country’s Commodity Futures Trading Regulatory Agency (Bappebti). 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.
Since its registration as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019, Tokocrypto has navigated a rigorous licensing process to meet all the stringent requirements set by Bappebti. The issuance of the PFAK license now grants Tokocrypto full legal authority to operate as a physical crypto asset trader, in accordance with Bappebti Regulation No. 13 of 2022, which amends Bappebti Regulation No. 8 of 2021 regarding the Guidelines for Conducting Physical Crypto Asset Trading in Futures Exchanges.
Richard Teng, CEO of Binance, congratulated Tokocrypto and all parties involved in this significant achievement. Richard said, “This milestone is a testament to Tokocrypto’s unwavering dedication to regulatory excellence and its vision of fostering a robust and transparent crypto ecosystem in Indonesia. Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region”.
Yudhono Rawis, CEO of Tokocrypto, echoed these sentiments, highlighting the importance of the PFAK license in realizing Tokocrypto’s vision of becoming Indonesia’s leading crypto-asset trading platform. “Over the past two years, Tokocrypto has continuously strengthened its commitment to maintaining high standards of regulatory compliance. 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,” said Yudhono.
The PFAK license ensures that crypto asset trading on Tokocrypto meets Bappebti’s strict licensing standards, thereby safeguarding investor interests. Yudho also emphasized, “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. With PFAK license and Binance continuous support, Tokocrypto aims to continuously enhance and advance its market leadership in Indonesia”.
The PFAK license is not only a proud achievement for Tokocrypto but also a significant step toward strengthening investor trust and confidence. This milestone showcases Tokocrypto’s commitment to providing secure, transparent, and reliable crypto-asset trading services for users in Indonesia.
Tokocrypto’s user base has surpassed 4.5 million this year, while trading volume increased by 170% compared to 2023. These impressive figures highlight the consistent growth and increasing trust in Tokocrypto’s services throughout 2024.
Binance remains steadfast in its support for Tokocrypto and looks forward to witnessing the continued growth and success of Indonesia’s crypto-asset industry.
