Binance is in talks with Indonesia’s richest family to launch a cryptocurrency exchange in the country

Binance, the world’s largest cryptocurrency exchange by trading volume, Reportedly in talks with Indonesia’s richest family, the Hartonos, to open a cryptocurrency exchange.TO

According to a report published in Bloomberg, Binance Holdings Ltd. intends to end a cryptocurrency company with the billionaire brothers Budi and Michael Hartonos controlled by PT Bank Central Asia (BCA) and Indonesia’s largest state-owned telecommunications company, PT Telkom Indonesia..TO

The report also states that the BCA could join the association using a separate business entity and that the terms of the association at the time of its termination may vary. When completed, it would be Binance’s second cryptocurrency company in Indonesia. The first was a partnership with the cryptocurrency trading platform Tokocrypto.

Binance is in talks with Indonesia’s richest family to launch a cryptocurrency exchange in the country
Binance is in talks with Indonesia’s richest family to launch a cryptocurrency exchange in the country

A cryptocurrency startup involving the country’s richest family and the largest telecommunications company would give Binance a strong foothold in the country with positive crypto regulations. The Indonesian government treats the cryptocurrency market as an asset class and allows trading in commodity futures.

BCA did not immediately respond to requests from Cointelegraph for comment. Binance declined to comment.

After facing significant regulatory challenges in the second and third quarters of 2021, Binance plans to expand its presence in the Asia-Pacific region.. The Singapore division of the cryptocurrency trading giant recently acquired an 18% stake in a local private equity exchange, Hg Exchange. The crypto exchange led another $ 1.5 million funding round for an Asian tokenized messaging platform, the BBS Network.

Aside from new acquisitions and financings, Binance has sister companies in the US, Binance.US is reportedly in the final stages of completing a multi-million dollar round of funding. Changpeng Zhao, the CEO of the global stock exchange, announced in November this year that the company is expected to raise “a few hundred million”.

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