Tokocrypto, a subsidiary of Binance, has been licensed as a physical crypto asset trader by Indonesia’s Crypto Assets Trading Regulatory Authority (Bappebti). This development reinforces that the exchange is a major player in Indonesia’s crypto sector.

Tokocrypto’s licensing process began in 2019 when it registered as a potential physical crypto asset trader. However, this process involved a long and detailed review process.

In a press release on September 9, Binance announced that Tokocrypto had successfully completed this difficult licensing process. This license means Tokocrypto can now operate as a fully operational physical crypto asset trader.

Binance CEO Richard Teng viewed this achievement as a testament to the exchange’s diligence in regulatory compliance and its role in building a robust crypto ecosystem in Indonesia.

Teng emphasized that Tokocrypto’s licensing will increase regulatory confidence in Indonesia’s crypto market and allow the exchange to appeal to a broader customer base.

Following this announcement, Tokocrypto’s native token TKO increased by 12% on the stock market day and experienced a monthly increase of 23%. This rise increased TKO’s market value to $24.7 million.

Tokocrypto’s significant expansion in 2024 shows that the exchange is increasing its influence in Indonesia. The exchange grew its user base to more than 4.5 million people and reported a 138% increase in average monthly trading volume.

This growth has strengthened Tokocrypto’s position in the market and helped Binance establish a stronger presence in the crypto asset market in Indonesia.

Binance acquired Tokocrypto in late 2022, resulting in the departure of former CEO Pang Xue Kai and a 58% reduction in headcount.

This strategic acquisition contributed to Binance achieving its strategic goals in the Asian market. Following the acquisition, Tokocrypto’s operational capacity was increased and its competitiveness in the crypto market in Indonesia was strengthened.

Tokocrypto’s licensing can be considered a reflection of developments in Indonesia’s crypto regulations. Regulating the crypto market in Indonesia helps build the country’s crypto ecosystem on a more solid and secure foundation.

Tokocrypto’s license could also set an example for other crypto asset companies and increase the transparency of regulatory processes.

Tokocrypto’s licensing is an important milestone for both the crypto market in Indonesia and Binance.

With this license, the exchange will have a broader footprint in Indonesia’s crypto asset market and will be able to provide more secure and regulated services to local crypto users.