Thursday, January 27, 2022

Binance is reportedly in talks to launch a crypto exchange in Indonesia.

The Takeaway:

Binance, the world’s largest crypto exchange by trading volume, is reportedly in talks with Indonesia’s richest family, the Hartonos, to open a crypto exchange.

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Binance, the world’s largest crypto exchange by trading volume, is reportedly in talks with Indonesia’s richest family, the Hartonos, to open a crypto exchange. According to a report published in Bloomberg, Binance Holdings Ltd. is looking to finalize a crypto venture with billionaire siblings Budi and Michael Hartonos-controlled PT Bank Central Asia (BCA) and Indonesia’s largest state-owned telecom firm PT Telkom Indonesia.

 

BCA may enter into the partnership using a separate business entity. 

The report also claimed that the BCA might enter into the partnership using a separate business entity, and the terms of the partnership could vary at the time of finalization. It would be the second crypto venture for Binance in Indonesia if finalized. Binance had earlier partnered up with crypto trading platform Tokocrypto. A new crypto venture involving the country’s richest family and the largest telecom firm would give Binance a strong foothold in the country with positive crypto regulations. The Indonesian government treats the crypto market as an investment class and allows its trading alongside commodity futures.

 

The Indonesian government treats the crypto market as an investment class.

Binance would get a strong foothold in the country with this partnership, given positive crypto regulations. The Indonesian government treats the crypto market as an investment class and allows its trading alongside commodity futures. After facing major regulatory challenges in the second and third quarters of 2021, Binance is now looking to expand its footprint in the Asia Pacific region. The Singapore arm of the crypto exchange giant recently acquired an 18% stake in a local private securities exchange, Hg Exchange. The crypto exchange giant led another $1.5 million funding round for an Asian tokenized messaging platform, the BBS Network. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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