- Tokocrypto will be the third exchange to receive the PFAK in Indonesia.
- Binance will support Tokocrypto in Web 3.0 expansion in Indonesia.
Binance has announced that Indonesia’s crypto subsidiary, Tokocrypto, has been granted a Physical Crypto Asset Trader (PFAK) license. The license, granted by the Commodity Futures Trading Regulatory Agency (Bappebti), will make Tokocrypto the third digital assets exchange to secure a major license in the country.
Tokocrypto CEO Yudhono Rawis lauded the PFAK license as an important milestone in becoming Indonesia’s leading digital asset platform. He remarked:
“We are proud of this achievement to become the third exchange to receive a PFAK license in Indonesia, the market which has 35 prospective crypto exchanges registered with Bappebti. This is an essential part of our strategy to build a solid foundation in the crypto-asset ecosystem in Indonesia and ensure that we can provide the best services to our customers.”
See Related: Indonesia Will Have Its Own Practical Crypto Exchange In 2023
Binance To Support Tokocrypto In Web 3.0 Expansion
Binance CEO Richard Teng commented on the licensing, saying the exchange will support Tokocrypto in Indonesia’s Web 3.0 expansion. Teng said the licensing reinforces Tokocrypto’s dedication to regulatory excellence and a transparent crypto ecosystem in the country.
Further, Binance said that Tokocrypto’s PFAK license strengthens investor trust and confidence in its crypto-asset trading services.
The license is a major win for Binance, which acquired Tokocrypto in 2020. Tokocrypto said the licensing happens after a rigorous process that started in 2019. The crypto exchange got its first Prospective Physical Crypto Asset Trader (CPFAK) license back then.
