Kominfo Blocks Binance And KuCoin Instagram Accounts, Here's The Response To Local Crypto Exchange

JAKARTA - The Ministry of Communication and Information Technology blocks instagram accounts of foreign crypto exchange companies including Binance, Binance Indonesia, Bybit, Bybit Indonesia, Bitget Indonesia, KuCoin Exchange and Mexc.

Responding to this, the Commodity Futures Trading Supervisory Agency (CoFTRA) admitted that it had coordinated with Kominfo to block the domains of websites or other social media for entities that had not yet obtained approval from CoFTRA to be able to organize the physical market trading of Crypto assets in Indonesia.

"We, CoFTRA, who are currently the supervisory authority of crypto trading in the country, strongly support the steps taken by the Ministry of Communication and Information," said Plt. Head of the Commodity Futures Trading Supervisory Agency (CoFTRA), Kasan in his statement.

Kasan also explained that the purpose of this blocking is so that the domestic crypto industry can be more conducive.

As one of the main players in the crypto industry in Indonesia, Tokocrypto's Chief Marketing Officer (CMO), Wan Iqbal, believes that this blocking is a preventive step that is needed to ensure consumer protection.

For Tokocrypto, this step is a form of protection for the community from possible losses that can arise from unlicensed activities that cannot be predicted.

"With the control of illegal crypto industry players, it is hoped that a healthier, conducive ecosystem will be created and will help increase industrial growth," he said.

In addition, Wan Iqbal hopes that with strict supervision, this step can increase the competitiveness of authorized crypto entities in Indonesia, thus creating a healthier and more competitive business environment.

"This step will encourage domestic business growth, because it prevents capital flow abroad or capital flow, so that licensed local crypto companies will get more opportunities to develop and innovate," he explained.

However, based on VOI's monitoring, currently @binance and @kucoinexchange Instagram accounts are still accessible. Meanwhile, other accounts are still blocked.