Crypto Frontline

United States – Crypto trading platform Binance collaborates with Tokocrypto, an Indonesian crypto exchange for a probable procurement deal. It also targets to expand further in Abu Dhabi after securing a custody license.

The biggest crypto trading platform, Binance, talked with Tokocrypto, an Indonesian digital exchange platform, regarding a probable purchase of the crypto trading company, as per Tech in Asia’s report. 

Pang Xue Kai, the CEO of Tokocrypto, will step down if the contract is effective. Xue Kai declared in September that the crypto exchange is letting go of its 20% headcount, but once Binance acquires the company, there will be more layoffs. 

Binance is familiar with Tokocrypto and the company invested in this Indonesian company two years ago when it was the sole crypto trading platform operating in Indonesia. The native token of Tokocrypto, TKO, jumped by over 62% and it’s trading now at $0.46, which is 90% lower than the $4.91 all-time high. 

The intention of Binance to buy Tokocrypto is the latest move to expand the company’s existence in Asia. The crypto exchange newly purchased Sakura Exchange Bitcoin, which is a Japanese crypto exchange, to penetrate the Japanese market. 

On another note, Binance also announced that it obtained a crypto custody license last November in Abu Dhabi, and it will let it offer the arrest of cryptocurrencies to institutional clients in the capital of UAE. Binance also had a digital asset license from VARA or the Virtual Asset Regulatory Authority of Dubai. 

The crypto trading company received FSP or Financial Services Permission, letting the exchange act as a virtual asset custodian to established clients. FSRA or the Financial Services Regulatory Authority granted the company an FSP and it will operate as Binance AD, a subsidiary in Abu Dhabi. Binance AD’s Senior Executive Office, Dominic Longman, stated that getting the license is a crucial step in the development of the company in Abu Dhabi.

As per Longman, he’s excited to improve their interdependent relationship with ADGM in Abu Dhabi. The company looks forward to giving institutional shareholders a reliable and secure crypto platform for digital asset activities. He also stated that it’s only the start for Binance Abu Dhabi, and he’s hoping that the team develops and grows, as well as community Blockchain design. 

Binance works legally in over ten countries across the world, including the United States or the US, Poland, Italy, Lithuania, and New Zealand. It had different licenses in Bahrain, France, Kazakhstan, and Spain this year. Though Binance is not eligible in the US, it operates as Binance US, a separate entity.