The large cryptoexchange Binance is consolidating its presence in Indonesia; it announced on May 12 an investment in a major national regulated exchange, Tokocrypto.
In 2019, Tokocrypto reportedly became the first cryptoexchange in Indonesia to obtain regulatory approval from the country’s Commodity Futures Trading Regulatory Agency, also known as Bappebti.
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Registration with the body has been mandatory since February 2020 for any platform that intends to legally offer cryptocommerce services. To obtain approval, service providers must be able to demonstrate that they have risk, security and transaction management systems in place.
While the amount of Binance’s investment in Bitcoin Investor, Bitcoin System, The News Spy, Immediate Edge, Bitcoin Machine has not been disclosed, the funding will ostensibly be used to diversify new products and services on the platform and make technological improvements, as well as to carry out nationwide expansion and deploy blockchain education initiatives throughout the region.
Prior to Binance’s investment, Tokocrypto had already been supported by QCP Capital, a Singapore-based digital asset trading and investment firm.
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Several crypto-currency experts, including Joshua Ho and Darius Sit of QCP Capital and Shaun Djie of Digix, serve on the exchange’s advisory board.
Teguh Kurniawan Harmanda, chief operating officer of Tokocrypto, said the exchange plans to continue its cooperation with Bappebti and PPTAK, Indonesia’s financial intelligence agency, as well as forge partnerships with players in other industries.
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As reported, in April Binance launched peer-to-peer support using Indonesian and Indian rupees.
That same month, it announced the acquisition of the crypto-data site CoinMarketCap, one of the highest profile platforms in the industry.
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Binance CEO Changpeng Zhao told reporters earlier that the company prioritizes working with national exchanges „that have existing banking relationships, which allow them to accept trade in local fiat currencies.
In India, Binance had acquired the well-known Indian cryptoexchange WazirX in autumn 2019.
To date, the steady expansion of the exchange’s fiat gateways means that Binance now supports crypto-shopping with credit cards in more than 50 jurisdictions.