Binance-Backed Tokocrypto Secures PFAK License, Elevating Indonesia’s Crypto Market

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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.

Binance subsidiary Tokocrypto announced that it has obtained a physical crypto asset dealer license issued by Indonesia's Commodity Futures Trading Regulatory Authority, becoming the third exchange in Indonesia to obtain a PFAK license. Tokocrypto's user base has exceeded 4.5…

— Wu Blockchain (@WuBlockchain) September 9, 2024

Full Authorization Achieved

Tokocrypto’s journey started in 2019 when it first registered as a Prospective Physical Crypto Asset Trader (CPFAK). Now, with the PFAK license, the company is fully authorized to trade physical crypto assets in Indonesia, setting a new benchmark for operational legitimacy.

Richard Teng, CEO of Binance, congratulated Tokocrypto on this achievement, emphasizing Binance’s commitment to enhancing Indonesia’s Web3 landscape. Teng highlighted that Binance’s backing has been crucial in fostering 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 has been remarkable. In 2024 alone, its user base surged to over 4.5 million, with a 138% increase in monthly trading volume. Yudhono Rawis, CEO of Tokocrypto, emphasized that the PFAK license is a critical step toward solidifying the company’s position as Indonesia’s leading crypto platform. He credited Binance’s continued support as a major contributor to their success. With this new license, Tokocrypto is poised to further expand its market influence and maintain its rapid growth in Indonesia’s crypto sector.

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