Tokocrypto has successfully obtained the Physical Crypto Asset Trader (PFAK) license from Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti).
Tokocrypto, an Indonesian cryptocurrency exchange and a subsidiary of Binance, aims to provide a secure platform for trading digital assets in Indonesia. Acquired by Binance in 2020, the exchange focuses on blockchain adoption while adhering to local regulations. By leveraging Binance’s technology and liquidity, Tokocrypto has strengthened its market position.
On 8 Sep 2024, Tokocrypto secured its PFAK license, which grants it full authority to operate as a physical crypto asset trader. This came after five years of being registered as a Prospective Physical Crypto Asset Trader (CPFAK) in 2019. According to Binance, Tokocrypto underwent a rigorous process to obtain the license, increasing user trust and confidence in the platform.
We are thrilled to announce that Tokocrypto, a part of the #Binance group, has secured a Physical Crypto Asset Trader (PFAK) license from Indonesia’s Bappebti.
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This milestone highlights our commitment to regulatory compliance and investor trust.
Read more ⤵️… pic.twitter.com/zMxZ2yQJ5g
— Binance (@binance) September 9, 2024
Binance CEO Richard Teng congratulated Tokocrypto on this regulatory milestone.
Binance vs Nigeria
While Tokocrypto celebrates regulatory success, Binance faces challenges in Nigeria. One of its executives, Tigran Gambaryan, has been in Nigerian custody for five months without basic medical treatment, raising concerns among crypto advocacy groups from both Nigeria and the USA, who are pressing for his release or proper care.
Binance vs WazirX: Ownership Dispute
Amid the struggling phase of the WazirX Crypto exchange, Binance and WazirX are currently in an intense dispute over the ownership of WazirX. While Binance claimed to have acquired WazirX in 2019, Binance later clarified that the deal was incomplete, with WazirX’s operations still controlled by Zanmai Labs.
This conflict is highly confusing thing WazirX customers, especially amid the bad financial condition of WazirX, as the exchange faced a hack incident and lost over $230 million worth of cryptocurrencies. Since last 1.5 months the services of WazirX exchange completed suspended.
Read also: Crypto Influencer Accuses WazirX of Concealing $27.5M in Bitcoin and USDT from Users!
Binance Subsidiary Tokocrypto Secures Crypto License in Indonesia
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