Tokocrypto, Indonesia’s top cryptocurrency exchange and a part of Binance, reached a major milestone by getting a Physical Crypto Asset Trader (PFAK) license from the Commodity Futures Trading Regulatory Agency (Bappebti).
With the new PFAK license, Tokocrypto can now operate fully as a physical crypto asset trader, marking a significant advance in its growth and compliance.
Tokocrypto’s path to this achievement started in 2019 when it was registered as a Prospective Physical Crypto Asset Trader (CPFAK). Since then, the company has gone through a tough licensing process to meet all Bappebti’s requirements.
Yudhono Rawis, CEO of Tokocrypto, shared his excitement about the license, noting that Tokocrypto is now the third exchange in Indonesia to get it. There are still 35 prospective crypto exchanges waiting for their licenses, so Tokocrypto’s new status highlights its commitment to high standards and strengthens its position as a leader in Indonesia’s crypto market.
“This license is crucial for us to become the top trading platform in Indonesia and provide the best services to our users,” Rawis said.
The license comes as Tokocrypto is experiencing significant growth. Its user base has now surpassed 4.5 million this year, and its monthly trading volume has jumped by 138%.
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