Breaking: Binance to Launch a Crypto Exchange in Indonesia Post Singapore Withdrawal
Binance, the world’s top crypto exchange has partnered with Indonesia’s largest telecom company Telkom Indonesia. The announcement confirmed earlier rumors of Binance being in talks with one of the richest Indonesian business families. The Indonesian joint venture also comes on the heels of its Singapore departure.
Binance’s Singapore arm has applied for a license to operate a digital exchange and was currently functional under the grace period offered by the Monetary Authority of Singapore. However, last week, the crypto platform withdrew its license and announced it will wind up its operations by February 2022. The Binance CEO shared an article about their recent purchase of an 18% stake Singapore-regulated Hg Exchange.
With a new crypto exchange platform in Indonesia, Binance continues to expand its dominance in the Asia Pacific region. Binance founder and CEO Changpeng Zhao said in the official press release,
“Our ambition at Binance is to grow the blockchain and cryptocurrency ecosystem globally, and this initiative in Indonesia is a significant step in that direction. With fast technology adoption and strong economic potential, Indonesia could become one of the leading centers of the blockchain and crypto ecosystem in Southeast Asia.”
Binance Makes Key Progress Despite Mid-Year Regulatory Crisis
The year 2021 has been full of ups and down for Binance. It faced regulatory scrutiny and bashing from regulators from nearly a dozen nations in the May-July phase. The likes of the UK, Japan and several others raised serious non-compliance issues.
During the same time phase, the competition platforms such as Coinbase and FTX were making big strides both in terms of regulations and operation expansion. However, the leading crypto exchange by trading volume had quite a turnaround in the final quarter of the year. Binance’s sister company in the United States Binance.US is expected to raise to the tune of a couple of hundred million in their first funding round.
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