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Binance faces deal for new crypto exchange in Indonesia



In cooperation with the richest family in Indonesia, Binance wants to open a new crypto trading platform.


The market-leading crypto exchange Binance is reportedly in talks with the Hartono family, Indonesia's richest family, to open another trading platform in the island nation.


According to a report by Bloomberg , Binance Holdings is already facing a deal with the major bank PT Bank Central Asia (BCA), which is controlled by the siblings Budi and Michael Hartonos, and the state-owned telecommunications company PT Telkom Indonesia.


BCA could possibly set up a separate company for the joint venture; the other details of the intended cooperation are not yet known either. However, if the deal is finalized, Binance would now be represented one more time in Indonesia. The crypto exchange had previously entered into a partnership with Tokocrypto.


A new crypto project with Indonesia's richest family and the country's largest telecommunications company behind them would give Binance an uncanny presence in the crypto-friendly island nation, because the government and authorities accept the crypto market as a fully-fledged asset class.


The BCA has not yet responded to Cointelegraph's request, while Binance does not want to comment.


After the crypto exchange received severe headwinds from the authorities of several western countries in the third quarter of 2021, Binance is now increasingly trying to expand into Asia. Thus, the subsidiary in Singapore recently 18% at a private stock market risen , also was the responsible Binance heavy at a 1.5 million US dollar financing round of Asian token platform BBS Network.


Binance.US, the American sister company of Binance, is meanwhile about to conclude its own financing round. Changpeng Zhao, CEO of the main deck has, in November promised that the US offshoot could take "several hundred million".

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