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Binance is planning to launch its exchange in Indonesia


TL; DR Breakdown

  • Binance wants to launch crypto exchange in Indonesia
  • The crypto exchange is in talks with several entities
  • Zhao wants to end the year on a high

In the last few months, Binance has been in the news about different things going on within the company. Some weeks ago, the Changpeng Zhao-led firm was planning to enter the UK despite the regulator in the country blocking every related move. However, in another bid to further the services of its platform, Binance is currently making plans to float its crypto exchange in Indonesia. According to several reports, the crypto exchange is engaging one of the richest families in the country on the prospects of its move.

Binance is in talks with several firms

Going by several reports, Binance is presently having a sit down with PT Bank Central, an institution owned by the Hartonos family. Also, they are several talks with a telecom company, PT Telcom. However, the reports have claimed that the financial institution might agree with the crypto exchange under a new name. The report also claimed that the two firms are still trying to draw up guidelines for their partnership. However, reports claim that the agreement might underground new terms when they eventually put pen to paper. The venture will be the second investment that the crypto exchange owns after collaborating with another entity to float Tokocrypto.

The crypto exchange wants to end the year on a high

Binance could be open to having regulation on its side if the partnership with both entities pulls through. Indonesia has a very welcome stance on crypto across the country, one from which Binance will benefit immensely from. Traders in Indonesia can carry out their activities provided they follow the legally specified agreement. Before now, Binance has been facing a lot of criticisms among regulators worldwide. But this partnership is looking like the much-needed win that the company is looking for to end this year.

The company’s Singaporean base recently announced a partnership with Hg exchange, seeing the entity take up 18% of the company. In another win for the company, it led to a $1.5 million funding for BBS Network. The United States arm of Binance also struck gold after a recent announcement of another funding round. In a recent statement, Changpeng Zhao hopes the company can continue to raise funds to further its mission across the world.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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