Binance-backed Tokocrypto secures license from Indonesian regulator

Tokocrypto, a Binance affiliate, has secured a license from Indonesia’s regulator, allowing it to operate as a licensed crypto asset trader.

Tokocrypto (TKO), a Binance-owned cryptocurrency exchange in Indonesia, has secured a physical crypto asset trader license from the Commodity Futures Trading Regulatory Agency (also known as Bappebti), marking an advancement for the exchange in Indonesia’s crypto sector.

In a Sept. 9 press release, Binance said that Tokocrypto, which first registered as a prospective physical crypto asset trader in 2019, has completed a rigorous licensing process to achieve full operational status as a physical crypto asset trader.

Binance chief executive Richard Teng praised the achievement, describing it as a testament to the exchange’s regulatory diligence and its role in fostering a robust crypto ecosystem 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.”

Yudhono Rawis, Tokocrypto CEO

Following the announcement, Tokocrypto’s native token, TKO, surged 12% on the day and has risen nearly 23% over the month, bringing its market capitalization to $24.7 million.

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