Binance is in negotiations with an Indonesian bank about establishing a local cryptocurrency exchange

With the help of PT Bank Central Asia and PT Telkom, Binance plans to open an Indonesian crypto-exchange.

People familiar with the situation were cited by Bloomberg in a storey published on Friday. According to bank asset tracker Statista, PT Bank Central Asia is Indonesia’s third biggest bank. Sibling millionaires Michael Bambang and Robert Budi Hartono control the property, making it the wealthiest family in Indonesia.

PT Telkom Indonesia, one of Indonesia’s main telecommunications firms, is majority-owned by the Indonesian government.

For comparison, Yahoo Finance lists the market capitalizations of the two publicly traded corporations as $63 billion and $28 billion, respectively, for the two companies.

One of the bank’s businesses may develop a cooperation with Binance, according to a source with knowledge of the subject. They emphasised that talks are still taking place, and the details of the contract may alter.

To put it another way, a Binance representative informed The Block that the firm has a “policy of not commenting on rumours or conjecture.” To that end, they said “we are committed to supporting and exploring new business prospects in every nation,” stressing their support for the global blockchain sector.

Indonesia already has a Binance presence. Tokocrypto, a local exchange planning to go public in the next two to three years, purchased a majority or controlling share in the exchange last year.

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