Binance’s Tokocrypto Secures PFAK License in Indonesia

Published by

Qadir AK

September 9, 2024

Exciting news from Indonesia’s crypto scene—Tokocrypto, a subsidiary of Binance, has secured a coveted Physical Crypto Asset Dealer (PFAK) license, marking a major milestone for the company and the country’s growing crypto industry. This makes Tokocrypto the third exchange in Indonesia to achieve this authorization level, boosting its credibility and influence. Following the news, Toko Token is up by 12.68% in 24 hours with 169.20M circulation.

A New Era for Tokocrypto

Tokocrypto’s journey began in 2019 when it first registered as a Prospective Physical Crypto Asset Trader (CPFAK). With the recent PFAK license, the company is now fully authorized to trade physical crypto assets in Indonesia, setting a new standard for operational legitimacy and credibility.

Richard Teng, CEO of Binance, praised Tokocrypto for this significant accomplishment, highlighting Binance’s dedication to advancing Indonesia’s Web3 sector. Teng emphasized that Binance’s support has been instrumental in creating a secure and transparent trading environment in the region.

Moreover, he also added that Indonesia has 35 possible Bappebti crypto exchanges, and the recent achievement is part of the mission to develop a stable crypto space in Indonesia by delivering the finest customer service.

What to Expect with a PFAK License?

Tokocrypto’s growth trajectory has been impressive. In 2024 alone, the platform’s user base expanded to over 4.5 million, with a 138% increase in monthly trading volume. Yudhono Rawis, CEO of Tokocrypto, stated that the PFAK license is a pivotal move in cementing the company’s position as Indonesia’s leading crypto platform. He attributed much of their success to Binance’s ongoing support.

With the new PFAK license, Tokocrypto is well-positioned to further enhance its market influence and continue its rapid growth in Indonesia’s dynamic crypto sector.

Also Read : XRP Lawsuit News: SEC’s Surprising Decision Leaves Ripple Unshaken

With the PFAK license in hand, Tokocrypto is poised to take Indonesia’s crypto market to new heights. What do you think?

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.