Binances Tokocrypto Secures PFAK License in Indonesia
Tokocrypto, a subsidiary of Binance, has officially secured a Physical Crypto Asset Dealer License (PFAK) from Indonesias Commodity Futures Trading Regulatory Authority (Bappebti). This is a milestone that cant 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 has a user base of 4.5 million and counting, has achieved a new license. This is a testament to the companys commitment to regulatory compliance and its ambition to lead the Indonesian crypto-asset market.
Tokocryptos path to PFAK began 4 years ago in 2019, after registering as a Prospective Physical Crypto Asset Trader (CPFAK). The procedure was tough, and the platform had to comply with Bappebtis strict regulations.
Tokocrypto has now a license in hand and can trade in crypto assets as a physical trader, which means that they can provide their users with safe and compliant services in the rapidly growing Indonesian market.
This success has not only improved Tokocryptos operational functioning but also increased investors trust. The PFAK license guarantees the platforms operations are transparent and trustworthy and comply with the regulations. It is crucial for establishing trust and protecting investors.
Richard Teng, CEO of Binance, lauded the move, recognizing it as a testament to Tokocryptos dedication to regulatory excellence. Teng further highlighted Binances commitment to the mutually supportive relationship with Tokocrypto in expediting the growth of the Web3 ecosystem in Indonesia.
Moreover, Yudhono Rawis, CEO of Tokocrypto, said:
Over the past two years, Tokocrypto has continuously strengthened its commitment to maintaining high standards of regulatory compliance. 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.
Binance Kazakhstans Regulatory Progress
This achievement is in line with Binances broader objectives of growing its regulatory compliance across the world. Just recently, Binance Kazakhstan received a full regulatory license from the Astana Financial Services Authority (AFSA) following formal consent.
While the regulatory measures taken by both Tokocrypto and Binance Kazakhstan speak volumes of the parent companys commitment to security and compliance in the global crypto market. Nevertheless, these two entities are primed to contribute to the digital asset ecosystem in their respective markets.
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Text source: TronWeekly
