Binance subsidiary Tokocrypto has officially received a Physical Crypto Asset Dealer License (PFAK) from the Indonesian Commodity Futures Trading Regulatory Authority (Bappebti), a significant milestone for the exchange as it becomes only the third exchange in the country to achieve such status.
According to Latest ReportTokocrypto, which has a user base of over 4.5 million, has received a new license, a testament to the company’s commitment to regulatory compliance and ambition to lead the Indonesian cryptocurrency market.
Tokocrypto’s journey to becoming a PFAK began four years ago, after it registered as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019. The process was tough, and the platform had to comply with Bappebti’s strict regulations.
Tokocrypto is now licensed and able to trade crypto assets as a spot trader, meaning it can offer users a secure and compliant service in the rapidly growing Indonesian market.
This success has not only increased Tokocrypto’s operational capabilities but also investor confidence. The PFAK license ensures that the platform’s operations are transparent, trustworthy, and compliant with regulations, which is essential to establishing trust and protecting investors.
Binance CEO Richard Teng praised the move, recognizing it as a testament to Tokocrypto’s dedication to regulatory excellence. Teng further emphasized that Binance is committed to building a mutually supportive relationship with Tokocrypto to foster the growth of Indonesia’s Web3 ecosystem.
Additionally, Yudhono Rawis, CEO of Tokocrypto, said:
Over the past two years, Tokocrypto has continuously strengthened its efforts to maintain a high standard of regulatory compliance. The Indonesian market has 35 cryptocurrency exchanges registered with Bappebti, and Tokocrypto is proud to be the third exchange in the country to receive a PFAK license.
Binance Kazakhstan Regulatory Developments
This achievement is in line with Binance’s broader goal of expanding regulatory compliance around the world. Binance Kazakhstan Following formal consent, we received a full regulatory license from the Astana Financial Services Authority (AFSA).
The regulatory steps taken by both Tokocrypto and Binance Kazakhstan speak to their parent companies’ focus on security and compliance in the global cryptocurrency market. Nevertheless, the two companies stand ready to contribute to the digital asset ecosystem in their respective markets.
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