World Crypto Global
- Written by: Tareq Sikder
- Mon, 09 Sep 2024
- Israel
Tokocrypto, a member of the Binance group, has been grantedthe Physical Crypto Asset Trader (PFAK) license by Indonesias CommodityFutures Trading Regulatory Agency (Bappebti). In 2024, Tokocryptos user base has expanded to over 4.5million, and the platform has reported a 138% increase in its monthly averagetrading volume. Gaining Full AuthorizationThe PFAK license is an important step for Tokocrypto. Thefirm initially registered as a Prospective Physical Crypto Asset Trader (CPFAK)in 2019. The recent licensing allows Tokocrypto to operate as a fullyauthorized physical crypto asset trader in Indonesia.Richard Teng, CEO of Binance, acknowledged Tokocryptosachievement, noting Binances support in strengthening Indonesias Web3ecosystem. Teng highlighted Binances commitment to creating a transparent andsecure trading environment in the region.BINANCE INDONESIA SUBSIDIARY TOKOCRYPTO SECURES PHYSICAL CRYPTO ASSET DEALER LICENSE IN THE COUNTRY ENABLING TOKOCRYPTO TO ENGAGE IN PHYSICAL CRYPTO ASSET TRADING pic.twitter.com/rOHXfBPbpp Kunalcrypto (@kunalcrypto) September 9, 2024Meanwhile, BinancesKazakhstan unit has received formal approval from the Astana FinancialServices Authority (AFSA) for a full regulatory license, as reported by Finance Magnates. This license will allow Binance Kazakhstan to provide cryptotrading, deal investments as a principal, and offer crypto custody services.This development follows the exchanges acquisition of ISO 27001 and ISO 27701certifications for its Kazakhstani platforms five months ago.Growth Accelerates with PFAKYudhono Rawis, CEO of Tokocrypto, emphasized the importanceof the PFAK license in achieving Tokocryptos goal of becoming Indonesiasleading crypto-asset trading platform. Rawis expressed satisfaction withTokocrypto being the third exchange to obtain the license and creditedBinances ongoing support as a factor in Tokocryptos growth and marketleadership.According to the firm, Tokocryptos growth in 2024,characterized by its expanding user base and increased trading volume, isexpected to be further bolstered by the PFAK license. This development islikely to enhance the platforms position and influence in Indonesias cryptosector.This article was written by Tareq Sikder at www.financemagnates.com.
