Tokocrypto, a popular subsidiary of Binance has obtained a Physical Crypto Asset (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti). In a Monday announcement, it was revealed that the regulatory feat will enable Tokocrypto to legally provide crypto services to users in Indonesians.
This landmark achievements has further solidified Binance’s efforts in transforming Indonesia into a crypto-asset industry. Notably, Tokocrypto began the licensing process in 2019, when it first registered as a prospective Physical Crypto Asset Trader (CPFAK). To secure the license, Tokocrypto navigated through a rigorous and comprehensive evaluation process set by Bappebti.
PFAK license certifies Tokocrypto as a legitimate crypto service provider in Indonesia
The PFAK license now certifies Tokocrypto to operate as a crypto asset firm in the country. Similarly, the license also ensures that the crypto exchange meets Bappebti’s strict licensing standards and adheres with local regulations to protect investors interest.
The CEO of Binance, Richard Teng also congratulated Tokocrypto on its significant achievement. He noted that the license is a testament to Binance’s dedication to regulatory excellence and ensuring a robust and transparent crypto ecosystem in Indonesia.
Similarly, the CEO of Tokocrypto, Yudhono Rawis highlighted the importance of the PFAK license in realizing the exchange’s vision of becoming a leading crypto trader in the country. The exec added that the exchange has consistently maintained high standards of regulatory compliance in the last two years. According to Rawls, Tokocrypto is the third exchange to obtain PFAK license from Bappebti.
Tokocrypto has made its mark this year with its user base surpassing 4.5 million and its monthly average trading volume skyrocketing by 138%. This impressive growth signifies investors increasing trust and confidence in its offerings.
Meanwhile, Binance is still facing some issues with the Nigerian government. In February, the Nigerian government arrested Binance’s head of crime compliance, Tigran Gambaryan alongside another executive. Gambaryan was accused of financial crimes involving up to $34 million as a result of the exchange operation in the country.
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