Binance Could Open A New Crypto Venture In Indonesia: Report

Binance could open a new crypto venture in Indonesia after being in talks with the richest family in the region about a new crypto venture so let’s find out more about it in today’s Binance news.

Binance as the world’s largest crypto exchange is in talks with Indonesia’s richest family the Hartonos, to open a new exchange. Binance Holdings LTF is looking to finalize the crypto venture with Budi and Michael Hartoons and the PT Bank Central Asia and Indonesia’s biggest state-owned telecom firm PT Telekom Indonesia.

The report claimed that BCA could enter into the new partnership after other business entities and the partnership terms could vary the finalization time. If it gets finalized, it will be the second venture for Binance in Indonesia and the first one came after a partnership with Tokocrypto. The new crypto venture involving the country’s richest family and the biggest telecom company will give Binance a strong presence in the country with some positive crypto regulations. The Indonesian government treats the market as an investment class and allows trading alongside commodity futures.

After facing major regulatory challenges in the second and third quarter in 2021 and Binance is now looking to expand the footprint in the Asia Pacific Region with the Singapore arm of the trading company acquiring an 18% stake in the local private securities exchange HG Exchange. The crypto exchange giant led another $1.5 million funding round for the messaging platform the BBS Network.

Apart from the new acquisitions, the Binance sister company in the US Binance.US is in the final stages of closing a multi-million funding round. CEO of Binance revealed this year that the company is expected to raise a couple hundred million.

Binance Asia acquired an 18% stake in the Singaporean securities exchange HGX. According to the official press release, BAS revealed an 18% post-money stake in the exchange. Richard Teng as the CEO of Binance Singapore stated that the platform will work for hand in hand with the HGX exchange to foster the blockchain ecosystem in the region. HGX was founded by prominent institutions like Phillip Capital brokerage, PrimePartners financial services group, and investment firm Fundnel. It is also powered by the blockchain platform Zilliqa, the Singaporean Monetary Authority which also granted HGX a recognized market operator license.