The Commodity Futures Trading Regulatory Agency of Indonesia, or Bappebti, has given Tokocrypto, an Indonesian cryptocurrency exchange that is a branch of the global cryptocurrency exchange Binance, a full license to work as a Physical Crypto Asset Trader (PFAK). With this permission, Tokocrypto can officially run its business in line with Indonesia’s trading laws. This makes it an even more important player in Indonesia’s crypto environment.
Since 2014, Indonesian cryptocurrency platforms have been in a “prospective exchange” category, which means they need to get full permission at some point. Tokocrypto signed up as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019 and has since gone through a strict legal process to get all the rights it needs to run fully.
The PFAK license was given to Tokocrypto, which is the third exchange in Indonesia to do so. CEO Yudhono Rawis was proud of the achievement. Rawis said that this accomplishment fits with Tokocrypto’s plan to become the best cryptocurrency platform in the country by giving its growing user base the best services possible. He also said that 35 other possible swaps are currently asking Bappebti for the same permissions.
In 2023, Tokocrypto grew a lot and had 43% of the Indonesian controlled exchange market, making it the biggest in the country. Indodax came in second with 42%, and Upbit Indonesia took third with 15%. Tokocrypto wants to stay the biggest exchange in the region by trade traffic thanks to its continued success.
Binance got into the Indonesian market in 2020 by putting money into Tokocrypto. Over time, Binance put more money into the exchange. Most recently, it called Tokocrypto a company, which suggests that Binance has a majority share in the exchange. This strategic relationship makes it easier for both companies to do business in Southeast Asia and improves their standing with regulators.
This new legal milestone shows that Tokocrypto is committed to following the rules and is ready to lead Indonesia’s crypto industry while using Binance’s global resources and experience. We think that the full PFAK license will increase user trust by giving them a safe and controlled place to trade crypto.
