Binance in talks with Hartonos for launching crypto exchange in Indonesia
Binance, currently the world’s largest crypto exchange by trading volume, has been reported to be talking with the Hartonos, Indonesia’s richest family, for opening a crypto exchange in the country.
According to a Bloomberg report, Binance Holdings Ltd. is awaiting finalizing a crypto venture with Indonesian billionaire siblings Budi and Michael Hartonos-backed PT Bank Central Asia (BCA), and the country’s largest state-owned telecom company, PT Telkom Indonesia.
The report has also claimed that the BCA might enter into a collaboration using a separate business entity, whereas the terms of the collab would vary at the time of finalization. If finalized, it would become the second crypto venture for Binance in Indonesia. The first had come in the form of a partnership with the crypto trading platform, Tokocrypto.
A new crypto venture that involves a partnership of Indonesia’s richest family as well as the largest telecom firm would mean a strong foothold for Binance in the country, having positive crypto regulations so far. The Indonesian government notably treats the crypto market as an investment class, allowing its trading alongside other commodity futures.
After having a challenging time with regulatory challenges in the second and third quarters of 2021 with its global partners, Binance is now looking for expansion in the Asia Pacific region. The Singapore office of Binance has recently acquired an 18 per cent stake in a local private securities exchange named Hg Exchange.
The crypto exchange also giant led a $1.5 million funding round for an Asian tokenized messaging platform called the BBS Network.
Apart from Binance’s new acquisitions and fundings, its sister company in the United States, known as Binance.US, has been reported being in the final stages of closing a multi-million funding round.
Changpeng Zhao, Binance CE, had, in fact, revealed in November 2021 that the exchange is expected to raise “a couple hundred million” soon.