What is Binance planning in Indonesia? 300 million residents are waiting for Bitcoin!

After the planned success of Binance suffered badly from increased headwinds from western countries in the third quarter of 2021, Binance is increasingly turning its attention to Asian countries. Concrete negotiations with the richest family in Indonesia are said to be under way.

Binance is the largest cryptocurrency exchange in the world

with a trading volume of over 20 billion US dollars. Cryptocurrencies and derivatives can be traded on the Bitcoin trading platform. Chinese-Canadian founder and CEO of Binance, Changpeng Zhao, plans further expansion.

He is rumored to be in negotiations with the Hartono family, Indonesia’s richest family. The brothers Budi and Michael Hartono, who are also of Chinese origin, already hold significant shares in the major bank “Bank Central Asia” (BCA) and the Indonesian telecommunications company “PT Telekom Indonesia”. Now the establishment of a crypto trading platform in cooperation with Binance is obviously also planned.

It is not yet known how the project will be implemented. There is speculation that the BCA will set up another company under the brothers’ control to manage the trading platform.

With such a deal, Binance could secure a prominent position in the Asian, but especially in the Indonesian market. Indonesia is considered to be particularly fond of cryptocurrencies, as they are accepted as a full-fledged asset class by both authorities and the government in the island state – in contrast to some western countries.

Binance is already present in the Indonesian market with its partnership with Tokocrypto, but this new deal could further expand its position.

The course to expand to Asia is clearly foreseeable. After being founded in China in 2017, the trading platform relocated to Malta due to state regulation. In 2021, however, the company was reprimanded by both Germany’s BaFin and UK financial regulator. On the other hand, a subsidiary in Singapore has acquired a significant stake in a stock exchange and Binance has led the round of funding for Asian token platform BBS Network.

The further development remains to be seen. Bitcoin remains exciting.

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What is Binance planning in Indonesia? 300 million residents are waiting for Bitcoin!