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Binance in Talks With Indonesian Heavyweights for Crypto Venture: Report

Binance is discussing crypto ventures with some of Indonesia’s biggest companies, Bloomberg reported on Friday, citing sources familiar with the matter.

  • The crypto exchange is in talks with PT Bank Central Asia (BCA), which is controlled by billionaire brothers Budi and Michael Hartono, and state-owned PT Telkom Indonesia, the country’s largest telecom operator, about a possible venture, according to Bloomberg.

  • The Hartonos are Indonesia’s richest family; the Indonesian government owns 52% of Telkom Indonesia, according to the company’s website.

  • The crypto venture would enable Binance to tap into the developing country of 273 million people, many of whom are unbanked.

  • BCA, one of Indonesia’s biggest banks, might form a partnership with Binance through an affiliate, according to the report. A potential deal with Binance hasn’t been discussed at a BCA board meeting, a BCA representative told Bloomberg.

  • Binance has a policy of “not commenting on rumors or speculation,” a Binance spokesperson told CoinDesk when asked to confirm the Bloomberg report. “We are supportive of the sustainable growth of the blockchain industry globally, and we are constantly looking at business opportunities in every country,” the spokesperson added.

  • The crypto exchange already has an undisclosed stake in crypto exchange Tokocrypto, which is reportedly weighing an initial public offering.

Read more: Indonesia’s Religious Leaders Declare Crypto Illegal for Muslims: Report