- Binance’s Indonesian subsidiary Tokocrypto saw advancements in crypto licensing in the past day.
- The exchange was acquired by Binance towards the end of 2022.
In the past few weeks, the crypto regulatory division has seen an increase in activity after the recent market lull. Recently, the Nigerian SEC announced that it would be taking action against unlicensed crypto exchanges. Amid the actions and other lawsuits, Binance saw an advancement in terms of regulations.
Notably, Tokocrypto, Binance’s Indonesian subsidiary received the Physical Crypto Asset Trader (PFAK) from the country’s Commodity Futures Trading Regulatory Agency (Bappebti). According to Binance’s official announcement, the regulator had previously in 2019, named Tokocrypto as prospective to be licensed.
The announcement also discussed how the Binance subsidiary had undergone a rigorous licensing process with Bappebti. Additionally, the CEO of Binance stated that the exchange would extensively support Tokocrypto.
Binance CEO, Richard Teng stated:
“Binance is committed to fully supporting Tokocrypto in its mission to drive the growth of the Web3 ecosystem in the region”
Moreover, the PFAK license would allow Tokocrypto to function as a physical crypto-asset trader in the country. This would grant the exchange with rights to sell, buy, and store crypto assets in wallets.
How will the Licensing Enhance Binance’s Tokocrypto?
Notably, Binance acquired the local crypto exchange Tokocrypto towards the end of 2022. The exchange’s current CEO – Yudhono Rawis – expounded on the importance of the PFAK license. He stated that it was an important milestone for the crypto exchange in its aim to become the top digital asset exchange platform in the country.
Furthermore, Rawis also stated that the exchange has been ‘strengthening its commitment to maintaining high standards of regulatory compliance’. He expressed that the PFAK license and Binance’s support can help the exchange attain market leadership in Indonesia.
Meanwhile, Binance released its 22nd Proof of Reserves recently. The reserves showed a slight decline in Bitcoin and ETH holdings. However, the reserves’ USDT and BNB token holdings remained positive.
The overall crypto market has begun to show price recovery as per CMC data. Leading cryptocurrencies such as Bitcoin and Ethereum have recorded modest price gains after the recent dip.
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