The big crypto exchange Binance it consolidates its presence in Indonesia; announced on May 12 an investment in a large national regulated exchange, Tokocrypto.
According to reports In 2019, Tokocrypto became the first Indonesian crypto exchange to receive regulatory approval for trading in commodity futures., also known as Bappebti.
Registration with the site was mandatory from February 2020 for any platform that claims to offer crypto trading services legally.. To be approved, service providers must be able to demonstrate that they have security, risk, and transaction control management systems in place.
Although the amount of Binance’s investment in Tokocrypto has not been released, The funds are said to be used to diversify new products and services on the platform and make technological improvements, to expand across the country, and to introduce blockchain education initiatives across the region.
Before investing Binance, QCP Capital, a Singapore-based trading and investment company for digital assets, had previously supported Tokocrypto.
Various cryptocurrency expertsincluding Joshua Ho and Darius Sit from QCP Capital and Shaun Djie from Digix, They are part of the advisory board of the stock exchange.
Teguh Kurniawan Harmanda, COO of Tokocrypto, said that The exchange plans to continue working with Bappebti and PPTAK, Indonesia’s financial intelligence service, as well as forging alliances with actors from other industries.
Binance’s global expansion strategy
As reported, Binance started peer support with Indonesian and Indian rupees in April.
The same month announced the acquisition of the crypto data site CoinMarketCap, one of the best-known platforms in the industry.
Changpeng Zhao, CEO of Binance, previously told reporters The company prioritizes working with national exchanges “that have existing banking relationships that allow them to accept trading in local fiat currencies.”“”
In India, Binance acquired the well-known Indian crypto exchange WazirX in autumn 2019.
Til today With the constant expansion of the stock exchange’s Fiat gateways, Binance now supports crypto purchases with credit cards in more than 50 countries..
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