Binance – the crypto exchange heavyweight of the world by trading volume – is reportedly holding discussions with Indonesia’s richest family, the Hartonos, to set up a crypto exchange platform locally. 

Specifically, per Bloomberg, Binance Holdings Ltd. is reportedly having goals down its pipeline to complete the rollout of a crypto venture with Hartonos-controlled PT Bank Central Asia (BCA) – currently in the possession of billionaire siblings Budi and Michael Hartonos, along with  Indonesia’s most major state-owned telecom company PT Telkom Indonesia. 

The report further revealed that the BCA may form an alliance using a separate business entity, with adjustments to be made to the terms of the partnership at the time of finalization.

Should the process go through, it would secure the second spot in the list of crypto ventures for Binance in Indonesia. The first was reportedly established via an alliance formed with crypto trading platform Tokocrypto.

A new crypto venture with the association of the nation’s most wealthy family and the top-tier telecom company would give Binance a concrete foothold in the nation, consequently resulting in a positive impact on regulations. 

The Indonesian authority reportedly views the crypto market as an investment class and supports its trading together with commodity futures.

After coming across a variety of significant regulatory hurdles in the second and third quarters of 2021, Binance is reportedly gearing towards widening the scope of its presence throughout the Asia Pacific region.

The Singapore division of the crypto trading giant recently acquired an 18% stake in a local private securities exchange, Hg Exchange.