Tokocrypto, a subsidiary of Binance, has received full licensing approval from PFAK in Indonesia.

ChainCatcher news, Binance's Tokocrypto has announced that it has successfully obtained the Physical Crypto Asset Trader (PFAK) license issued by Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti), making Tokocrypto the third exchange in Indonesia to receive the PFAK license. This milestone highlights Tokocrypto and Binance's commitment to regulatory compliance and marks a key moment in the development of Indonesia's crypto asset industry.

Binance CEO Richard Teng congratulated Tokocrypto and all parties involved in this significant achievement. Richard stated, "This milestone demonstrates Tokocrypto's unwavering commitment to excellent regulatory practices and its vision of establishing a robust and transparent crypto ecosystem in Indonesia. Binance is dedicated to fully supporting Tokocrypto in fulfilling its mission to advance the Web3 ecosystem in the region." Tokocrypto's user base has exceeded 4.5 million this year, with trading volume increasing by 170% compared to 2023.