According to a statement that was sent to CryptoSlate on September 9th, the cryptocurrency exchange Binance announced that its subsidiary Tokocrypto has obtained a Physical Crypto Asset Trader (PFAK) license from the Commodity Futures Trading Regulatory Agency (Bappebti) of Indonesia.
Tokocrypto is now the third exchange in Indonesia to be granted the PFAK license as a result of this development. It is now the case that there are 35 potential cryptocurrency exchanges registered with Bappebti in the nation.
Tokocrypto has had substantial growth over the course of the last year, with its user base topping 4.5 million and its monthly trade volume rising by 138%. This indicates that users are becoming more confident in the services that Tokocrypto provides.
Yudhono Rawis, the Chief Executive Officer of Tokocrypto, stressed the importance of the license within the context of the company's objective of becoming the most prominent cryptocurrency trading platform in Indonesia. He remarked that
"Over the course of the previous two years, Tokocrypto has consistently enhanced its commitment to maintaining high levels of regulatory compliance. Because of this accomplishment, we are pleased to have become the third cryptocurrency exchange in Indonesia to be granted a PFAK license. The Indonesian market now has 35 potential cryptocurrency exchanges registered with Bappebti.
Until late 2022, when Binance completed its acquisition of Tokocrypto in its entirety, the firm had previously maintained a majority share in the business.
Binance's Chief Executive Officer, Richard Teng, lauded Tokocrypto's accomplishment, characterizing it as a demonstration of the company's commitment to complying with regulatory requirements. In addition, he said that Binance is still dedicated to supporting Tokocrypto's aim to encourage the development of Web3 transactions in the area.
It was him who said:
Within the context of Tokocrypto's objective to propel the development of the Web3 ecosystem in the area, Binance is dedicated to providing full assistance to the organization.
Immediately after the news broke, statistics from CoinMarketCap revealed that the native TKO token of Tokocrypto had a 15% gain, reaching $0.3342.1.
Through the achievement of this milestone, Binance wants to further solidify its dedication to regulatory compliance under Teng's leadership. Licenses have been obtained by the exchange in a number of different locations over the course of the previous several months, including Kazakhstan and India.
Tigran Gambaryan, the CEO of Binance, has been imprisoned by the police in Nigeria since February. This presents a hurdle for the cryptocurrency exchange.
A politician from the United States named French Hill, who paid Gambaryan a visit earlier this year, expressed his disapproval of his ongoing confinement and brought attention to his worsening health. He remarked that
It's really ridiculous. It is quite apparent that Tigran's health is quickly worsening; the government of Niger must promptly free him.
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