Tokocrypto, a subsidiary of Binance, has obtained a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti).

The PFAK license allows Tokocrypto to officially operate as a physical crypto asset trader.

Tokocrypto’s user base has surpassed 4.5 million this year, with its average monthly trading volume increasing by 138%, reflecting steady growth and trust in the platform.

Richard Teng, CEO of Binance, said,

“Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web 3.0 ecosystem in the region”.

Yudhono Rawis, CEO of Tokocrypto, added,

“Over the past two years, Tokocrypto has continuously strengthened its commitment to maintaining high standards of regulatory compliance. We are proud of this achievement to become the third exchange to receive PFAK license in Indonesia, the market which has 35 prospective crypto exchanges registered with Bappebti.

This is an essential part of our strategy to build a solid foundation in the crypto-asset ecosystem in Indonesia and ensure that we can provide the best services to our customers.”

In December 2022, Binance had acquired Tokocrypto and conducted mass layoffs with approximately 58% of its workforce being let go.

Featured image credit: Edited from Freepik

The article first appeared on Fintech News Singapore