Breaking: Binance is Planning a New Crypto Venture in Indonesia

By Sunil Sharma
December 10, 2021 Updated December 10, 2021
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The latest update on Binance’s global expansion saw the crypto exchange’s efforts to extend business in Indonesia. According to Bloomberg, the world’s largest exchange was confirmed to be in discussions with PT Bank Central Asia, controlled by the richest family in Indonesia, along with PT Telkom Indonesia, a state-owned telecom operator, in lieu of setting up a crypto exchange in the nation.

Binance lays ground in Indonesia

According to insider reports, PT Bank Central Asia and Binance’s unofficial partnership may be commenced through another related entity. However, as of now, the parties are having discussions and terms of the deal could also potentially change over time.

Furthermore, the nation’s largest telecom operator, Telkom was already seeking partnerships specifically in the blockchain and crypto markets, through its venture-capital firm, MDI Ventures, given the inevitable growth of the sector. Additionally, according to the firm’s Vice President of corporate communications and investor relations, Ahmad Reza, the company is looking at crypto and blockchain as an opportunity to leverage the group’s connectivity capabilities. However, despite such clear hints, Binance spokesperson denied any comments on the topic, while ascertaining that the exchange is consistently seeking global business expansion opportunities.

“We are supportive of the sustainable growth of the blockchain industry globally and we are constantly looking at business opportunities in every country”, Binance Spokesperson told Bloomberg.

Binance Global Expansion Plans Include Singapore

Binance is conquering the global market after its lost battle against the regulators. Now, the exchange has opted for a centralised approach, but its core values remain that of the decentralised industry while it continues to establish its dominance across the globe. Earlier this week, according to CoinGape’s reportage, Binance announced its latest investment to expand business in Singapore amid exit speculation. Binance CEO, Changpeng Zhao tweeted that the crypto exchange has acquired 18 per cent of Singapore-regulated private securities exchange, Hg Exchange (HGX).

Furthermore, Binance Singapore’s Chief Executive, Richard Teng highlighted that Binance has no plans to exit, instead with its new investment it seeks to expand business in Singapore by offering improved and more centralised services, backed by blockchain technology.

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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