- Tokocrypto obtains a physical crypto asset trader license from Bappebti in Indonesia.
- The exchange’s native token, TKO, saw a significant price surge following the announcement.
- Binance’s acquisition of Tokocrypto in 2022 has led to rapid growth and restructuring.
Tokocrypto, a Binance-owned exchange, has received a physical crypto asset trader license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti), making it the third exchange to do so in the country.
This accomplishment highlights the platform’s commitment to regulatory compliance and boosts its influence in Indonesia’s rapidly expanding cryptocurrency market. Following the announcement, Tokocrypto’s native token, TKO, experienced a 12% jump in value.
Tokocrypto’s New License Propels Its Position in Indonesia’s Crypto Landscape
Since its acquisition by Binance in late 2022, Tokocrypto has undergone significant changes, including leadership restructuring and a reduction in staff. Despite these challenges, the exchange has seen impressive growth, with its user base surpassing 4.5 million and a 138% increase in monthly trading volume in 2024. This new license is expected to further solidify Tokocrypto’s position as a leading crypto exchange in the region.
This achievement follows Binance’s acquisition of Tokocrypto in 2022, which resulted in a complete overhaul of the company’s structure. After the transition, the exchange implemented significant changes, including the departure of former CEO Pang Xue Kai and a reduction in its workforce by 58%. These measures were aimed at optimizing operations while aligning with Binance’s broader strategic goals in the region.
Despite the internal restructuring, Tokocrypto has shown remarkable growth in 2024. The platform’s user base has grown to over 4.5 million, with a notable 138% increase in average monthly trading volume. This growth trajectory is a testament to the company’s ability to adapt and thrive under Binance’s leadership.
With the new license in hand, Tokocrypto is well-positioned to compete with other major players in Indonesia’s crypto sector. As more regulatory frameworks emerge, the exchange’s adherence to compliance and its close ties with Binance could provide a competitive edge, making it a pivotal player in the country’s digital finance landscape.
Tokocrypto’s recent licensing marks a pivotal moment in its journey, demonstrating its resilience and readiness to compete in Indonesia’s evolving crypto landscape. With Binance‘s backing, the exchange is poised for continued success.
“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
