Binance-backed Tokocrypto becomes third crypto exchange in Indonesia to secure PFAK license
Tokocrypto, a subsidiary of Binance, has obtained a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), becoming the third exchange in Indonesia to receive this license. The country has 35 prospective crypto exchanges registered with Bappebti. Tokocrypto's user base has exceeded 4.5 million, with a 138% increase in monthly trading volume over the past year. CEO Yudhono Rawis highlighted the importance of the license for Tokocrypto's goal to lead Indonesia's crypto-asset trading market. Binance CEO Richard Teng praised the achievement as evidence of Tokocrypto's regulatory compliance efforts. Following the announcement, Tokocrypto's native TKO token rose by 15% to $0.3342. Binance has also secured licenses in regions like Kazakhstan and India but faces challenges in Nigeria, where executive Tigran Gambaryan has been detained since February, raising concerns about his health.
