Binance-backed Tokocrypto secures license from Indonesian regulator

Binance subsidiary Tokocrypto has been granted a license by the Indonesian regulator, allowing it to operate as a licensed crypto asset trader.

Indonesian Binance-owned cryptocurrency exchange Tokocrypto (TKO) has received a physical crypto asset dealer license from the Commodity Futures Trading Regulatory Agency (also known as Bappebti), symbolizing the exchange’s progress in Indonesia’s crypto sector.

Tokocrypto, which first registered as a potential physical crypto asset trader in 2019, has completed a rigorous licensing process to achieve full operational status as a physical crypto asset trader, Binance announced in a press release dated September 9.

Binance CEO Richard Teng praised the achievement as a testament to the exchange’s regulatory rigor and its role in building a strong crypto ecosystem in Indonesia.

“We are proud to be the third exchange to receive a PFAK license in Indonesia, where there are 35 potential crypto exchanges registered with Bappebti.”

Yudhono Rawis, CEO of Tokocrypto

Following the announcement, Tokocrypto’s native token, TKO, increased by 12% on the day and approximately 23% in the month, bringing its market value to $24.7 million.

Tokocrypto has seen significant expansion, reporting a user base of over 4.5 million in 2024 and a 138% increase in average monthly trading volume. Binance acquired the exchange for an undisclosed amount in late 2022, leading to the departure of former CEO Pang Xue Kai and a 58% reduction in staff.