Binance’s Indonesia subsidiary has won a full license from the nation’s Commodity Futures Trading Regulatory Agency.
More than 30 crypto exchanges have applied for a full license.
Binance subsidiary Tokocrypto, an Indonesian cryptocurrency exchange, has obtained a full license as a Physical Crypto Asset Trader (PFAK) from the country’s Commodity Futures Trading Regulatory Agency, known as Bappebti.
Binance acquired Tokocrypto in late 2022, having previously been a majority shareholder of the company.
In late 2023, Indonesia introduced a requirement for all crypto exchanges to register with what it called the world’s first national bourse for crypto assets. The bourse – the Commodity Future Exchange (CFX) – would be regulated by Bappebti and function like a traditional stock exchange, but with a specific focus on digital assets.
The regulatory development came as a response to the high local demand for crypto in Indonesia.
“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,” Tokocrypto CEO Yudhono said in a statement.
