Binance-Backed Tokocrypto Gets PFAK License, Boosting Indonesia’s Expanding Crypto Market

• Tokocrypto secures a PFAK license from Indonesia’s Bappebti, enabling it to operate as a licensed physical crypto asset trader.
• Tokocrypto’s user base surpasses 4.5 million, with a 138% growth in average monthly trading volume, reflecting increasing trust.
• Binance supports Tokocrypto’s regulatory success, driving the growth of Indonesia’s Web3 ecosystem and strengthening investor trust.

Tokocrypto, a leading cryptocurrency exchange in Indonesia and part of the Binance group, has been granted a Physical Crypto Asset Trader (PFAK) license by the Commodity Futures Trading Regulatory Agency (Bappebti).

This marks a forward step in Indonesia’s growing crypto sector, reflecting both Tokocrypto’s and Binance’s dedication to regulatory compliance. This license allows Tokocrypto to operate as a physical crypto-asset trader, further strengthening the platform’s position in the growing Web3 industry in Indonesia.

A Milestone for Indonesia’s Crypto Market

Since registering as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019, Tokocrypto underwent a rigorous process to secure the full PFAK license. This achievement highlights the exchange’s focus on regulatory excellence and its alignment with Indonesia’s strict standards for crypto trading. 

With this license, Tokocrypto now ensures that its platform adheres to all compliance requirements, safeguarding investor interests and providing transparent services. These developments reflect the country’s expanding regulatory framework for the crypto market.

Tokocrypto’s Growing Presence and Market Leadership

Notably, Tokocrypto’s market presence has been steadily increasing. The exchange’s user base surpassed 4.5 million this year, while the average monthly trading volume saw a 138% growth. These impressive figures signal growing trust and reliance on Tokocrypto’s services in Indonesia. 

The new PFAK license is expected to further enhance this growth, positioning Tokocrypto as a key player in Indonesia’s crypto ecosystem. The company’s focus on meeting regulatory standards plays a crucial role in building and maintaining investor confidence.

Binance’s Support and Tokocrypto’s Vision

Binance CEO Richard Teng acknowledged Tokocrypto’s success in securing the PFAK license, emphasizing Binance’s support in Tokocrypto’s goal of driving Web3 development in Indonesia.

CEO of Tokocrypto, Yudhono Rawis, also underlined the importance of the license in realizing the company’s vision of becoming Indonesia’s leading crypto-asset trading platform. The backing from Binance and Tokocrypto’s commitment to regulatory adherence ensures the platform’s ongoing growth and leadership within the industry.