Despite being marred by regulatory controversies and facing bans from several governments, Binance is on a roll and plans to expand its operation in different parts of the world. Binance is reportedly at the final stages of a deal with the wealthiest family of Indonesia, the Hartonos. The Hartonos family runs the biggest bank in Indonesia, PT Bank Central Asia (BCA). They also control the official telecom network of the country – PT Telkom Indonesia.
There are high chances of Binance not using its official business holdings to enter Indonesia. Instead, a finance subsidiary is more likely to start operations in the country. The world’s largest cryptocurrency exchange by volume has pulled off similar feats in the United States with Binance US. After being barred entry to the UK, Binance has decided to use subsidiaries to meet local regulatory guidelines. While it helps them overcome regulatory hindrances, there are still loopholes to it that the governments can exploit.
If Binance finalizes the deal with the Hartonos, it will be the biggest achievement of the firm in the recent past. Indonesia is a very important country in South and South East Asia, both for its political stability and strategic location. A partnership with the Hartonons will also safeguard them from regulatory watchdogs and legal troubles to a great extent. Indonesian crypto investors will also get a boost from the presence of Binance in the country. If Binance succeeds in expanding operations to Indonesia, it would establish its superiority over rivals like Coinbase and Crypto.com