On September 9, Tokocrypto, a subsidiary of Binance, announced that it has successfully obtained a physical crypto asset dealer (PFAK) license issued by the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti), making Tokcrypto the third exchange in Indonesia to obtain a PFAK license. "This milestone is testament to Tokocrypto's unwavering commitment to regulatory excellence and its vision to build a strong and transparent crypto ecosystem in Indonesia," said Richard Teng, chief executive of Binance. "Binance is committed to fully supporting Tokocrypto in its mission to drive the Web3 ecosystem in the region." Tokocrypto's user base has surpassed 4.50 million this year, with transaction volumes up 170 per cent compared to 2023.