Binance is reportedly negotiating to launch a cryptocurrency exchange in Indonesia

According to reports, Binance, the world’s most traded cryptocurrency exchange, is negotiating with Indonesia’s richest family, Hartonos, to open a cryptocurrency exchange.

According to published in Bloomberg, Binance Holdings Ltd. is seeking to finalize an encryption joint venture with PT Bank Central Asia (BCA) controlled by billionaire brothers Budi and Michael Hartonos, and PT Telkom Indonesia, Indonesia’s largest state-owned telecommunications company.

The report also claimed that BCA may use a separate business entity to establish a partnership, and the terms of the partnership may be different when it is finalized. If finalized, this will be Binance’s second crypto company in Indonesia.The first form is Cooperation with Tokocrypto, an encrypted trading platform.

New encryption companies involving the country’s wealthiest families and the largest telecommunications companies will give Binance a firm foothold in the country through aggressive encryption regulations. The Indonesian government regards the crypto market as an investment category and allows it to be traded with commodity futures.

BCA did not immediately respond to Cointelegraph’s request for comment. Binance declined to comment.

related: Despite regulatory setbacks, Binance plans to become a company registered in the UK

After facing major regulatory challenges in the second and third quarters of 2021, Binance is now seeking to expand its footprint in the Asia-Pacific region.The Singapore branch of the crypto trading giant recently Acquired 18% of the local private stock exchange, Mercury exchange.The cryptocurrency exchange giant led another A round of US$1.5 million in financing For the Asian tokenized messaging platform BBS network.

In addition to new acquisitions and financing, it is reported that Binance.US, the sister company of Binance in the United States, is in the final stage of completing a multi-million dollar financing. Changpeng Zhao, CEO of Global Exchanges, revealed in November this year that the company expects to raise “Hundreds of millions. “