Tokocrypto, a member of the Binance group, has been granted the Physical Crypto Asset Trader (PFAK) license by Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti).
In 2024, Tokocrypto’s user base has expanded to over 4.5 million, and the platform has reported a 138% increase in its monthly average trading volume.
Gaining Full Authorization
The PFAK license is an important step for Tokocrypto. The firm initially registered as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019. The recent licensing allows Tokocrypto to operate as a fully authorized physical crypto asset trader in Indonesia.
Richard Teng, CEO of Binance, acknowledged Tokocrypto’s achievement, noting Binance’s support in strengthening Indonesia’s Web3 ecosystem. Teng highlighted Binance’s commitment to creating a transparent and secure trading environment in the region.
BINANCE INDONESIA SUBSIDIARY TOKOCRYPTO SECURES PHYSICAL CRYPTO ASSET DEALER LICENSE IN THE COUNTRY ENABLING TOKOCRYPTO TO ENGAGE IN PHYSICAL CRYPTO ASSET TRADING pic.twitter.com/rOHXfBPbpp
— Kunalcrypto (@kunalcrypto) September 9, 2024
Meanwhile, Binance’s Kazakhstan unit has received formal approval from the Astana Financial Services Authority (AFSA) for a full regulatory license, as reported by Finance Magnates.
This license will allow Binance Kazakhstan to provide crypto trading, deal investments as a principal, and offer crypto custody services. This development follows the exchange’s acquisition of ISO 27001 and ISO 27701 certifications for its Kazakhstani platforms five months ago.
Growth Accelerates with PFAK
Yudhono Rawis, CEO of Tokocrypto, emphasized the importance of the PFAK license in achieving Tokocrypto’s goal of becoming Indonesia’s leading crypto-asset trading platform. Rawis expressed satisfaction with Tokocrypto being the third exchange to obtain the license and credited Binance’s ongoing support as a factor in Tokocrypto’s growth and market leadership.
According to the firm, Tokocrypto’s growth in 2024, characterized by its expanding user base and increased trading volume, is expected to be further bolstered by the PFAK license. This development is likely to enhance the platform’s position and influence in Indonesia’s crypto sector.
This article was written by Tareq Sikder at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments