Cryptocurrency trading platform Tokocrypto, a subsidiary of crypto exchange Binance, announced that it has received a Physical Crypto Asset Trader (PFAK) license from the Indonesian Commodity Futures Trading Regulatory Authority (Bappebti).
The license gives the cryptocurrency platform full rights to operate as a cryptocurrency trader. Tokocrypto CEO Yudhono Rawis noted that the company became the third crypto exchange to receive a license from the regulator to provide services to users from Indonesia.
The head of Tokocrypto recalled that the majority shareholder and actual owner of the trading platform since December 2022 is the world’s largest crypto exchange Binance.
“This is an important part of our strategy to establish Tokocrypto as a strong market player in Indonesia’s crypto ecosystem by growing the company and leveraging Binance’s exchange capabilities,” Rawis explained.
According to analytics platform CoinGecko, Tokocrypto ranks first as Indonesia’s largest exchange by trading volume with a 43% share. Its closest competitors, Indodax and Upbit Indonesia, follow with 42% and 15% market shares, respectively.
Binance previously announced its entry into the mobile market in four African countries: Ghana, Tanzania, Uganda, and Zambia. The One Click Buy and Sell mobile app allows Binance’s local customers to buy and sell digital assets.
