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Binance-backed Tokocrypto secures license from Indonesian regulator

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Tokocrypto, a Binance affiliate, has secured a license from Indonesia’s regulator, allowing it to operate as a licensed crypto asset trader.

Tokocrypto (TKO), a Binance-owned cryptocurrency exchange in Indonesia, has secured a physical crypto asset trader license from the Commodity Futures Trading Regulatory Agency (also known as Bappebti), marking an advancement for the exchange in Indonesia’s crypto sector.

In a Sept. 9 press release, Binance said that Tokocrypto, which first registered as a prospective physical crypto asset trader in 2019, has completed a rigorous licensing process to achieve full operational status as a physical crypto asset trader.

Binance chief executive Richard Teng praised the achievement, describing it as a testament to the exchange’s regulatory diligence and its role in fostering a robust crypto ecosystem in Indonesia.

“We are proud of this achievement to become the third exchange to receive PFAK license in Indonesia, the market which has 35 prospective crypto exchanges registered with Bappebti.”

Yudhono Rawis, Tokocrypto CEO

Following the announcement, Tokocrypto’s native token, TKO, surged 12% on the day and has risen nearly 23% over the month, bringing its market capitalization to $24.7 million.

Tokocrypto reported a significant expansion in 2024, with its user base growing to over 4.5 million and a 138% increase in monthly average trading volume. Binance acquired the exchange in late 2022 for an undisclosed amount, which led to the departure of former CEO Pang Xue Kai and a 58% reduction in staff.



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Binance will launch USUAL stablecoin on Nov. 19

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Binance will be the first platform to launch the stablecoin USUAL on Nov. 19. The crypto exchange will provide trading support for USDT and USUAL trading pairs.

In a notice published on Nov. 14, Binance announced the 61st project that will be launched on Binance Launchpool, the stablecoin Usual. The webpage for Usual is expected to be available 12 hours before the pre-market launch on Nov. 19 at 10:00 UTC.

Usual Labs is a decentralized fiat stablecoin issuer backed by Kraken, Mantle, Starkware and GSR, as well as more than 150 investors. The token will be launched on the Ethereum network.

According to the announcement, users will be able to receive airdrops for the USUAL tokens in the form of BNB (BNB) and FDUSD (FDUSD) within four days. Farming for USUAL will start on Nov. 15 at 00:00 UTC.

https://twitter.com/usualmoney/status/1856966210790781158

According to Usual’s X post, the stablecoin uses a revenue-based model that prioritizes its community members.

According to data from CoinMarketCap, the Usual stablecoin went up by 0.08% and is current trading hands at $0.9991. The stablecoin has a market cap of $345.71 million and a total supply of 346 million USUAL tokens.

Binance provides a total token supply of 4 billion USUAL tokens, with 7.5% of the supply being allocated to rewarding users. The initial circulating supply for the stablecoin’s listing will be 12.37% of the total token supply, amounting to 494,600,000 USUAL.

Usual will be available for pre-market trading in USUAL/USDT trading pairs. At the moment, it is only available for pre-market trading with the exchange stating that the pre-market closing time and spot listing time will be announced at a later date.

Last week, the stablecoin issuer completed a round of community funding which raised a total of $1.5 million. The Echonomist, Breed Syndicate, and Comfy Capital were among the investors participating in the community round.

Usual introduced the stablecoin USD0 in February 2024, describing it as a permissionless stablecoin backed by real-world assets. It also serves as a governance token that allows users to vote on the network’s future.





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Binance And Changpeng Zhao Faces FTX Lawsuit To Return $1.8B Fund

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FTX has recently filed a lawsuit against Binance and its former CEO Changpeng Zhao, demanding a return of $1.8 billion. According to FTX, the fund was fraudulently transferred by its co-founder, Sam Bankman-Fried, to Binance. This legal development has sparked speculations in the broader crypto market, especially as it comes as FTX works to recover funds following its collapse two years ago.

FTX Seeks $1.8B Clawback From Binance And Changpeng Zhao

According to a recent Bloomberg report, FTX alleges that Binance and Changpeng Zhao (CZ) received the $1.8 billion as part of a share repurchase agreement in July 2021. In this transaction, Sam Bankman-Fried or SBF reportedly used a combination of FTX’s own token (FTT) and Binance-branded tokens (BNB and BUSD) to repurchase approximately 20% of the international unit of FTX and 18.4% of the US-based entity.

The report notes that at the time, the total value of these assets was around $1.76 billion. In its filing, FTX contends that it and its sister firm, Alameda Research, may have been financially unstable from the beginning and were likely already insolvent by early 2021.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Binance bets on Thailand as region signals supportive crypto approach

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Binance is prioritizing Thailand as a key market in its mission to reach one billion users, with crypto-friendly regulations seen as a driving factor.

Cryptocurrency exchange Binance is betting big on Thailand as it aims to bring crypto mainstream worldwide, spotlighting the country’s regulatory openness, The Bangkok Post reports, citing Binance chief marketing officer Rachel Conlan.

Per Conlan, Thailand ranks among Binance’s top 20 markets worldwide, with local crypto penetration estimated at 12%, double the global average of 6%. She also praised Thailand for taking a “pioneering approach to crypto” and working to establish regulations and a framework “in the right way.”

“I think that is what ultimately is going to help this industry thrive and drive forward.”

Rachel Conlan

Binance, which gained 60 million users in the past six months, attributes its growth to increased institutional adoption and positive developments like ETF approvals, Conlan said, noting the exchange sees a 20% global adoption rate as mainstream, a milestone it aims to reach within three years. Binance currently claims 240 million users globally.

The crypto exchange is doubling down on Thailand as the country itself appears to be betting on crypto as well. Recently, Siam Commercial Bank launched Thailand’s first stablecoin-powered cross-border payment system to facilitate faster, more efficient international transactions.

In August, Thai financial regulators also launched a Digital Asset Regulatory Sandbox to encourage crypto adoption in the country. The initiative, backed by a public hearing in May, allowed participants to test crypto services under flexible regulations to help develop Thailand’s digital asset market.



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