Binance, the worlds largest cryptocurrency exchange, is now planning to establish its presence in Indonesia. According to reports by Bloomberg, Binance will be partnering with Indonesia's richest family, which controls PT Bank Central Asia.

Binance is in talks with Indonesia billionaire brothers Budi and Michael Hartono, who own major control in PT Bank Central Asia (BCA). Indonesia has a population of 273 million people, many of whom are outside the ambit of formalised finance and don't have a bank account. Binance wants to tap this segment of the population. Though Binance has no official presence, it has acquired a majority stake in Tokocrypto. This local crypto exchange is soon planning to file for an IPO.

Hartono brothers

PT Bank Central Asia is also controlled by PT Telkom, of which the government owns 52%. Though Indonesia doesn't allow crypto as a legal currency, it has supported crypto assets. It allows them to be traded alongside commodity futures as an investment option.

A Binance spokesperson said that the company has a "policy of not commenting on rumours or speculation. What is important to note is that we support the sustainable growth of the blockchain industry globally and are constantly looking at business opportunities in every country."