Tokocrypto, a Binance affiliate, has secured a license from Indonesia’s regulator, allowing it to operate as a licensed crypto asset trader.

Tokocrypto (TKO), a Binance-owned cryptocurrency exchange in Indonesia, has received a physical crypto asset trader license from the Commodity Futures Trading Regulatory Agency (Bappebti). This marks a significant advancement for the exchange within Indonesia’s crypto sector.

In a September 9 press release, Binance announced that Tokocrypto, which initially registered as a prospective physical crypto asset trader in 2019, has completed a rigorous licensing process to achieve full operational status.

Binance chief executive Richard Teng praised this achievement, emphasizing the exchange’s regulatory diligence and its role in fostering a robust crypto ecosystem in Indonesia.

“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, highlighted the milestone achievement. Following the announcement, Tokocrypto’s native token, TKO, surged 12% on the day and has risen nearly 23% over the month, bringing its market capitalization to $24.7 million.

In 2024, Tokocrypto reported significant growth, with its user base expanding to over 4.5 million and a 138% increase in monthly average trading volume. Binance acquired the exchange in late 2022, which led to changes in leadership and a 58% reduction in staff.

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