Major cryptocurrency exchange Binance is cementing its presence in Indonesia, announcing an investment in a major domestic regulated exchange Tokocrypto on May 12.

In 2022, Tokocrypto reportedly became the first Indonesia crypto substitution to seal regulatory approval from the country'southward Commodity Futures Trading Regulatory Agency, also known as Bappebti.

Registration with the agency has been mandatory equally of February 2022 for whatever platform seeking to legally offer cryptocurrency trading services. To secure approval, service providers must be able to show they have risk command direction, security and transaction systems in identify.

While the sum of Binance'due south investment in Tokocrypto has not been disclosed, the funding will ostensibly exist used to diversify new products and services on the platform and make technological improvements, as well every bit to pursue nationwide expansion and scroll out blockchain education initiatives across the region.

Ahead of Binance'southward investment, Singapore-based digital asset trading and investment house QCP Capital had already backed Tokocrypto.

Several cryptocurrency experts, amid them Joshua Ho and Darius Sit down of QCP Capital and Shaun Djie from Digix, sit down on the advisory board for the exchange.

Teguh Kurniawan Harmanda, Tokocrypto'south chief operating officer, has said the exchange plans to keep its cooperation with Bappebti and PPTAK, Republic of indonesia's financial intelligence agency, besides equally to forge partnerships with actors in other industries.

Binance'southward global expansion strategy

As reported, Binance launched support for peer-to-peer cryptocurrency trades using Indonesian rupiah and for Indian rupees in April.

That same month, it announced its acquisition of crypto data site CoinMarketCap, one of the industry'southward almost high-contour platforms.

Binance CEO Changpeng Zhao has previously told reporters that the company prioritizes working with domestic exchanges "that have existing banking relationships, which enable them to accept trading in local fiat currencies."

In Republic of india, Binance had acquired well-known Indian crypto commutation, WazirX in fall 2022.

To appointment, the exchange's consistent expansion of fiat gateways means that Binance now supports crypto purchases with credit cards in over 50 jurisdictions.