Tokocrypto Bags PFAK with Binance Boost, Gaining Ground in Indonesias Crypto Arena

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 Authorization

The 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

Meanwhile, 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 PFAK

Yudhono 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.

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FBI reports Americans lost $5.6B to cryptocurrency fraud in 2023

The elderly were the most vulnerable, and crypto ATMs have a variety of illicit uses, the report found.

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Unisat-backed Bitcoin scaling solution Fractal Bitcoin launches mainnet

Fractal Bitcoin launches mainnet, leverages Bitcoin Core code for enhanced scaling. The network offers sub-30-second block confirmations and a 20x capacity increase. The network’s native token, FB, supports proof-of-work mining, with half pre-mined for allocations. Fractal Bitcoin, a groundbreaking Bitcoin scaling solution, has officially launched its mainnet, ushering in a new era for Bitcoin scalability. […]

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Nigerias SEC to crack down on unregulated crypto exchanges

Nigerias SEC will enforce regulations on unregulated crypto businesses as it aims to protect investors and encourage innovation in the growing market.

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Binances Tokocrypto Secures PFAK License in Indonesia

Tokocrypto, a subsidiary of Binance, has officially secured a Physical Crypto Asset Dealer License (PFAK) from Indonesia’s Commodity Futures Trading Regulatory Authority (Bappebti). This is a milestone that can’t be ignored for the exchange as it became the third one to get such a status in the country. As per the latest report, Tokocrypto, which […]

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Coinbase Under Fire: Class Action Suit on SEC Disclosures Advances in Court

Coinbase's legal troubles deepened last week after aUS judge allowed a class action lawsuit from shareholders to move forward. Thelawsuit claims the crypto exchange misled investors about its exposure toregulatory risks, particularly from the US Securities and Exchange Commission(SEC).

Heightened Scrutiny

This ruling comes as Coinbase faces heightenedscrutiny from regulators. A group of Coinbase shareholders claims the companymade "materially false and misleading statements" regarding itschances of facing legal action from the SEC.

According to the court filings, the plaintiffs, whobegan purchasing shares in 2021, argue that Coinbase downplayed the risk of anSEC lawsuit, which eventually materialized in June 2023 when the regulator suedthe exchange for allegedly violating federal securities laws.

US District Judge Brian Martinotti, presiding over thecase in New Jersey, ruled that the shareholders have a plausible argument thatCoinbase acted negligently. The court found that Coinbase may havemisrepresented the likelihood of an SEC enforcement action despite repeatedlyassuring investors that the crypto assets it listed were not consideredsecurities.

The class action lawsuit is one of several legalchallenges Coinbase is currently grappling with. In addition to the shareholdersuit, the exchange is also locked in a legal battle with the SEC. In June 2023,the regulator filed a lawsuit against Coinbase, accusing it of violating US federalsecurities laws.

Coinbase's motion to dismiss the SEC's claims was largely unsuccessful. The judge ruled that the SEC presented plausiblearguments that merit further exploration in court, Coindesk reported.

Regulatory Woes Escalate

Coinbase has faced growing regulatory scrutiny asgovernments and financial authorities worldwide tighten their oversightof the crypto industry. The outcome of these lawsuits could have significantimplications not only for Coinbase but for the broader cryptocurrency market.

As the legal proceedings unfold, Coinbase facessignificant uncertainty. The company's assurances to investors about itsregulatory compliance and the potential risks of SEC enforcement are now underintense legal scrutiny.

In June, Coinbase filed lawsuits against the SEC and theFederal Deposit Insurance Corporation. According to a report by FoxBusiness,the lawsuits claim that both agencies failed to fulfill Freedom of InformationAct requests submitted to the US District Court for the District of Columbia.

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Bitcoin To Break $100K By 2025? Experts Weigh In On Potential New ATH

With its overall market valuation down about 30% from its March 2024 record of $2.89 trillion, the cryptocurrency market is reaching a turning point. Investors are worried as the market cap as of September 8, 2024, is $1.93 trillion. Nonetheless, a recent BTC price forecast indicates that Bitcoin is anticipated to rise by 83.70% in the next three months, indicating possible comeback. Related Reading: Helium (HNT) Network Expansion Fuels 13% Gains Despite Faltering Market Although Bitcoin has lost a quarter from its all-time high of $74,000, analysts like Alan Santana think a major comeback is just around the corner. The latest forecast of the BTC price by CoinCheckup, on the other hand, show that Bitcoin will surge 80% in the next three months and hence may also reflect its possible comeback. Now changing hands at $54,320, Bitcoin has shed 25% off its peak of $74,000, but it is due for a sharp rebound, Santana said. When Will Bitcoin Hit $100,000? New ATH & More (The Greatest Cryptocurrency Analysis On Earth!) #Bitcoin Bitcoin is going to hit $100,000 in 2025… I am going to breakdown how everything will develop in a few minutes. How are you feeling in this beautiful Saturday/Sunday? pic.twitter.com/xNaZSBOfKx Alan Santana (@lamatrades1111) September 8, 2024 Santana thinks that Bitcoin could reach $100,000 by the year 2025. The ongoing correction does not deter the analyst from being so optimistic in regards to the long-term outlook for the top crypto. At the same time, he warns that this downtrend is not over yet, and investors should expect some turbulence before seeing a more sustained uptrend. Market Sentiment And Short-Term Outlook Bitcoin is currently 44% below its estimated value for next month, the latest forecast shows. However, a short-term uptrend is seen in the next seven days. Over three months, Bitcoin is predicted to shoot up by 83%, showing signs of recovery from its poor performance lately. Santana believes that though the price movement for Bitcoin will not be fast, it would stabilize the market after surviving fluctuations and swings. Bitcoin will advance relatively slowly across the remainder of 2024, and this would give altcoins room to start to outperform BTC in the interim. That said, altcoins might also supply larger returns for investors looking beyond Bitcoin’s gradual recovery once the market enters its accumulation phase late in the year. Other Coins To Surpass Bitcoin? Although Bitcoin could still remain the top crypto, some altcoins like Ethereum might shine in the not too distant future. It does have an upside, though, if certain market conditions move in its favor. This could open a window of opportunity for other cryptocurrencies that may perform better than Bitcoin as investors begin to diversify their portfolios. Related Reading: Ether Liquidity Plummets 40% On Exchanges After ETF Debut Long-Term Predictions: A Slow Climb To $100K Long term forecasts for Bitcoin would show ongoing acceleration of growth. Forecasts call for a 91% rise in six months, so early in March or April of 2025 Bitcoin might get to $100,000. This, according to Santana, is not an overnight jump but rather an upward trend due to improving market conditions and institutional interest. A new all-time high by late 2025 most likely falls between $150,000 and $220,000 depending on factors including inflation and market mood. Though the long-term projections are favorable, Santana urges caution about near future activity since volatility is still high and this current market slump has not yet fully run its course. Featured image from Pexels, chart from TradingView

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Bitcoin ETFs record combined $1.2B in outflows in 8 days

Despite the outflows, crypto ETFs outshined the over 400 new ETFs in 2024, with the four biggest launches being spot Bitcoin ETFs.

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Crypto Whales Double Their Investments In This Solana Competitor

In the increasingly competitive blockchain landscape, ETFSwap (ETFS) is positioning itself as a strong contender against Solana (SOL),…

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Bitcoin Accumulation Surge: 5% Increase in Holdings by Major Addresses

Recent data from IntoTheBlock reveals a significant shift in Bitcoin ownership dynamics. Addresses holding between 100 and 1,000 BTC now control 20.3% of the circulating supply, equivalent to approximately 4.01 million BTC. This represents a notable 5% increase from 3.82 million BTC just six months ago, indicating a robust accumulation trend among large holders in […]

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Coinbase faces legal setback as judge allows shareholder lawsuit to proceed

Judge allows parts of Coinbase’s shareholder lawsuit to proceed on negligence claims. Plaintiffs allege Coinbase misled about regulatory risks; some claims dismissed. Coinbase remains confident and committed to defending against the remaining allegations. In a significant legal development, US District Judge Brian Martinotti has partially a motion filed by Coinbase to dismiss a class action lawsuit […]

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Crypto Crackdown Down Under: ASICs Pyrrhic Victory against Kraken

At the endof August, the court agreed with the Australian Securities and InvestmentCommission (ASIC), confirming that the cryptocurrency exchange Krakenviolated local regulations by offering margin products to retail clients.However, the company operating under the brand Bit Trade Pty Ltd claims thatthe issue is more complex.

Kraken Margin TradingRuling Exposes Australia's Crypto Regulation Gap

The ruling,which centered on Kraken's Margin Extension product, determined that margintrading extended in fiat currency to retail investors fallsunder the Design and Distribution Obligations (DDO) of the Corporations Act.However, the court found that the margin extended in cryptocurrency is not subjectto the same regulations.

While ASIChailed the decision as a victory, Kraken argues it exposes significant gaps inthe country's approach to crypto regulation.

Thisruling makes it clearer than ever that bespoke crypto regulation is urgentlyneeded, Kraken commented inthe new blog post. Australian crypto investors and businessescontinue to operate in a confusing and uncertain regulatory environment.

Understanding ASIC's Recent Judgment: The Need for a Clear Crypto Regulatory Framework in AustraliaRead more: https://t.co/9NhoiC82ii#ASIC #CryptoRegulation #Kraken #MarginTrading #Australia pic.twitter.com/h826lWyLTv

Thejudgment comes as Australia lags behind other jurisdictions in implementingcomprehensive crypto regulations. Despite ongoing consultations and efforts bythe Treasury, legislation could be delayed beyond the end of the year,potentially hampering the industry's growth and innovation.

In the past, theexchange has experienced regulatory issues in other regions of the world, including in the US. Almosta year ago, it was sued by The Securities and Exchange Commission (SEC) forillegally operating an unregistered securities exchange, broker, dealer, andclearing agency.

Kraken Changes Margin Products

In responseto the newest Australian court ruling, Kraken has implemented immediate changesto its Margin Extension product. Margin trading with fiat is now restricted forAustralian residents unless they qualify as Wholesale Investors under theCorporations Act. These restrictions do not apply to margin extensions whentrading with crypto assets (including pairs like BTC/ETH or BTC/USDT).

Wecomply with legal and regulatory requirements in all jurisdictions in which weoperate, Krakenadded. Kraken is committed to expanding its compliant product offeringand is working on additional eligibility pathways for fiat margin extensions inthe coming months.

The casehighlights the global race to provide tailored regulation for crypto assets,with countries like the United States, United Kingdom, and Singapore makingstrides in this area. Clear and proportionate frameworks are seen as crucialfor allowing individuals to safely harness the potential of blockchaintechnology while ensuring appropriate regulatory protections.

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Cardano (ADA) on the spot amid mysterious transactions as ecosystem registers growth

ADA’s price has rebounded to $0.343 after a low of $0.3054 amid market volatility. Mysterious transactions involving large ADA amounts stir speculation and concern. The Cardano ecosystem grows with increased transactions, wallets, and Plutus scripts. Cardano (ADA) has been in the spotlight recently, facing a mix of market turbulence and intriguing developments. Notably, mysterious wallet […]

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Nigeria SEC Targets Unregulated Crypto Exchanges, Prioritizes Investor Safety

Nigri’s Scuritis nd Exchng Commission (SEC) is intnsifying its efforts to rgult th cryptocurrncy mrkt. Dirctor-Gnrl Emomotimi Agm nnouncd strict ctions ginst individuls nd compnis running crypto xchngs without following SEC guidlins. This nnouncmnt follows th rcnt pprovl-in-principl of two complint xchngs, Quidx nd Bush. Dr. Agm ritrtd th SEC’s ddiction to invstor protction, spcilly […]

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XRP Set for 100% Surge to $1 By Year-End 2024

XRP hs xprincd notbl dclin in 2024, undrprforming th brodr cryptocurrncy mrkt. Whil mny cryptocurrncis hv risn by 20% this yr, XRP hs droppd ovr 15%. Dspit this, tchnicl indictors point to possibl shift in th nr futur. A bullish invrs hd-nd-shouldrs pttrn hs mrgd on XRP’s wkly chrt. Th pttrn shows […]

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Toncoin bounces back above $5, next target at $6.19

Toncoin rebounds above $5 after Pavel Durov’s release and public reassurance. Trading volume has surged by over 148%, boosting interest in both spot and futures markets. Resistance at $5.51; a breakout could push TON to its next target of $6.19. Toncoin (TON), the native cryptocurrency of the Toncoin blockchain, has experienced significant volatility in recent […]

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Bitcoin, ETFs, and Market Trends: Is October the Turning Point?

Its been a tough year for crypto investors, with hopes rising back in March only to be dashed through the summer. But the question remainscould October finally be the turning point for Bitcoin and the broader crypto market? In this article, well explore the current state of Bitcoin, the impact of ETFs, and whether we […]

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Whats Going On with ETH!

Ethereum (ETH) is always a hot topic in the crypto world, but recently, the conversation has taken a bit of a turn. For a while now, people have been questioning Ethereums performance, especially compared to other assets like Bitcoin and Solana. If youve been keeping an eye on crypto Twitter, youve probably seen some strong […]

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BitMEX Spot Lists Polygon (POL), Enabling Deposits, Purchases, and Trades

BitMEX has officially launched support for POL, the Polygon ecosystem token, allowing users to deposit, buy, and trade it on its spot platform. (Read More)

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Philippine Peso Stablecoin $PUSO Launched on Celo Blockchain

$PUSO is a community-led decentralized stablecoin pegged to the Philippine Peso on the Celo blockchain.

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