Binance in talks with Indonesian bank to set up local crypto exchange: Report

Binance is reportedly in talks with Indonesia's PT Bank Central Asia and PT Telkom to set up a crypto exchange in the country.

Bloomberg reported the news on Friday, citing people with knowledge of the matter. PT Bank Central Asia is Indonesia's third-largest bank by total assets, according to tracker Statista. It is owned by the country's richest family of sibling billionaires Robert Budi Hartono and Michael Bambang Hartono.

As for PT Telkom Indonesia, the country's government owns over half of its outstanding shares, and it is one of the largest telecoms companies in Indonesia.

Both PT Bank Central Asia and PT Telkom Indonesia are publicly listed companies and have a market capitalization of over $63 billion and $28 billion, respectively, according to Yahoo Finance.

The bank may form the partnership with Binance through one of its entities, one of the people with knowledge of the matter told Bloomberg. Discussions are ongoing, and terms of the deal may change, they added.

A Binance spokesperson told The Block that the company has a "policy of not commenting on rumors or speculation." But they added that "what is important to note is that we are supportive of the sustainable growth of the blockchain industry globally and we are constantly looking at business opportunities in every country."

Binance already has a presence in Indonesia. Last year, the exchange acquired a majority or controlling stake in local exchange Tokocrypto, which is looking to go public in the next two to three years.