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Binance: Exchange in cooperation with the richest family in Indonesia



Binance Holdings Ltd. could set up a cryptocurrency exchange in Indonesia in partnership with the richest family in the country.


In addition to PT Bank Central Asia (BCA), which controls the billionaire Hartono family, the world's largest crypto exchange is also in talks with the state-owned PT Telkom Indonesia, according to Bloomberg sources . Binance could thus expand its market position in the country's emerging crypto space, where it has already invested in Tokocrypto, one of the largest crypto exchanges in the country.


At the same time, the company would enable the Hartonos, who are among the most powerful business people in the country, to enter cryptocurrencies. In addition to the bank, the family also owns e-commerce companies, a telecommunications service provider, and a large cigarette manufacturer. Sources said the partnership could consist of BCA and Binance and another affiliate.


In addition, the deal would complement Telkom Indonesia’s efforts to partner with top players, Ahmad Reza said. The Vice President for Corporate Communications and Investor Relations is excited about the opportunity to leverage the group's connectivity capabilities to unlock the potential of the crypto markets.



The anticipated joint venture could contribute to growing adoption of cryptocurrencies in the Southeast Asian archipelago. Many people there do not have a bank account or access to other traditional forms of finance.


Last month, the National Ulema Council (MUI), the country's religious leaders' council, classified cryptocurrencies as “haram”, meaning forbidden. The agency noted that cryptocurrencies are banned as a currency because they are supposed to be similar to betting. Although Asrorun Niam Sholeh, head of the religious decrees department of the MUI, admitted that cryptocurrencies can be traded as commodities if they conform to the principles of Sharia law and have a clear use.


For its part, the Indonesian government has largely supported crypto investments. It refused to ban a market that saw 370 trillion rupiah ($ 26 billion) in transactions in the first five months of the year. Instead, it allowed investors to trade cryptocurrencies as investments alongside commodity futures. In accordance with the religious authorities, the government does not allow the use of cryptocurrencies as currency.

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