The world’s biggest crypto exchange platform by trading volume Binance is reportedly in talks with the richest family of Indonesia, the Hartonos, to start a crypto exchange in the country.
According to the reports by various sites, including Bloomberg, Binance Holdings Ltd. is seeking to conclude a crypto venture with Budi Hartonos and Michael Hartonos- controlled PT Bank Central Asia (BCA) and PT Telkom Indonesia, the country’s biggest state-owned telecom company.
Notably, as TheCoinRise reported, the Central Bank of Indonesia, in parallel, is also planning to roll out its CBDC to oust Bitcoin.
According to the article, the BCA may engage in collaboration through a separate business company, and the agreement’s parameters may change before it is finalized. If completed, it will be Binance’s second crypto business in Indonesia. The first was a collaboration with Tokocrypto, a cryptocurrency trading platform.
Binance plans to expand its footprints
Binance would get a strong presence in the country with favorable crypto rules thanks to a new crypto partnership involving the country’s wealthiest family and the country’s largest telecom provider. The Indonesian authorities consider cryptocurrency to be an investment class, allowing it to be traded alongside commodity futures.
Indonesia has always shown a mixed opinion when it comes to crypto. Recently, the Ulema Council in the country banned crypto trading under Sharia Law as many citizens under the influence of the Indonesian Islam group find crypto unlawful. It would be interesting to see the response of these groups over the news of Binance’s talks.
After facing massive regulatory pressure in Q2 and Q3 this year, Binance is taking serious steps to expand its roots worldwide. Recently, the exchange giant unveiled its plans to open a new branch in the U.K. to comply with the laws in the country, just like Binance.US. It recently led a $1.5 million funding round for the BBS Network, an Asian tokenized messaging platform.