Indonesia has launched a national cryptocurrency exchange

Liquidity providers will be the trading platforms Indodax and Tokocrypto, absorbed by the Binance cryptocurrency exchange

The Indonesian authorities have launched a national trading platform where users will be able to perform legal operations for the trade and exchange of cryptocurrencies. This is reported by Reuters with reference to the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti).

The name of the site is not specified. According to the publication, the clients of the site will be not only individual investors, but also other cryptocurrency exchanges like Indodax and Tokocrypto, bought out by the Binance cryptocurrency exchange in 2023. The national Indonesian crypto exchange will be managed by the corporation Bursa Komoditi Nusantara.

So far, cryptocurrency in Indonesia is traded under the supervision of Bappebti. However, as part of a broader reform of the financial sector, it is expected that market surveillance powers will be transferred to the Financial Services Authority. It is unclear exactly when the transfer of powers will take place.

At the end of 2022, the editors wrote about Binance's negotiations with the business of Michael and Budi Hartono (the richest family clan in Indonesia) on the creation of a joint venture. The Hartono brothers own the country's largest bank, Bank Central Asia, as well as the state-owned telecommunications company Telkom Indonesia. However, it is unclear whether Binance was able to reach any agreements.

At the same time, the media learned about Binance's plans to buy out the Indonesian crypto exchange Tokocrypto. The size of the deal was not disclosed, however, Binance has been part of the Tokocrypto investor pool since 2020. According to media reports, the terms of the deal included the departure of the then head of Tokocrypto, Pan Xue Kai, and the dismissal of 58% of the exchange's employees.