Tokocrypto Secures PFAK License, Boosting Binance Subsidiary and Indonesia’s Crypto Industry

Tokocrypto, a member of the Binance group, has received the Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), marking a significant milestone for both Tokocrypto and Indonesia's cryptocurrency industry.Tokocrypto’s user base has grown to over 4.5 million this year, with a 138% increase in monthly average trading volume, reflecting growing investor trust and adoption.The PFAK license strengthens Tokocrypto’s position as a regulated and trusted platform in Indonesia's Web3 ecosystem.A Major Regulatory AchievementTokocrypto’s achievement of the PFAK license reflects its commitment to regulatory compliance and fostering investor confidence in the crypto-asset trading space. Having previously registered as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019, the company has now completed a rigorous licensing process to become a fully authorized physical crypto asset trader in Indonesia.This regulatory approval is critical not only for Tokocrypto’s operations but also for the overall development of Indonesia's crypto and Web3 industry. By meeting Bappebti's strict licensing standards, Tokocrypto has positioned itself as a trusted platform for secure and transparent crypto-asset trading.Binance and Tokocrypto’s Growing InfluenceRichard Teng, CEO of Binance, praised Tokocrypto’s regulatory accomplishment, emphasizing Binance’s support for Tokocrypto in its mission to strengthen Indonesia’s Web3 ecosystem. He noted the exchange’s dedication to fostering a robust and transparent environment for crypto-asset trading in the region.Yudhono Rawis, CEO of Tokocrypto, highlighted the importance of the PFAK license in realizing Tokocrypto’s goal of becoming Indonesia’s top crypto-asset trading platform. He expressed pride in Tokocrypto being the third exchange to receive the license, solidifying its market leadership. Yudhono also pointed to Binance’s continuous support as a key factor in Tokocrypto’s ongoing growth and leadership in Indonesia’s rapidly developing crypto market.Continued Growth and Market LeadershipTokocrypto’s growth trajectory in 2024 has been impressive, with a 4.5 million+ user base and a 138% increase in monthly average trading volume. The PFAK license will likely further bolster the platform's expansion and cement its status as a leader in Indonesia’s crypto industry.As Tokocrypto continues to expand its services, the support from Binance will play a crucial role in driving the growth of the broader Web3 ecosystem in Indonesia, attracting more investors and fostering a secure, compliant trading environment for digital assets.This landmark achievement signals a bright future for Indonesia’s crypto market, with Tokocrypto leading the way toward greater transparency, security, and innovation in the industry.