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Binance Holdings Ltd. is reportedly in talks with Indonesia’s richest family, and a state-owned telecom operator to establish a cryptocurrency exchange in what is the world’s fourth most-populous nation.
Such a partnership will give Binance a foothold into a developing nation as well as help rehabilitate its image after a couple of troubling months.

Binance is currently in talks with the richest family in Indonesia who control PT Bank Central Asia, as well as PT Telkom Indonesia, in what could be a possible partnership to set up a cryptocurrency trading exchange in the country. First reported by Bloomberg, the ongoing talks were revealed by people who are close to the matter.
Such a partnership would play in favour of all parties as it would spur wider adoption of cryptocurrencies in Indonesia. As a developing country, the nation which happens to be the world’s fourth most populous, has one of the most unbanked adult populations. If given access to cryptocurrencies, this population will have access to financial tools.
Related: Binance US to raise “a couple hundred million dollars” in pre-IPO funding
Already a leading exchange, Binance will further broaden its reach. For PT Bank Central Asia and PT Telkom Indonesia, this will give them indirect exposure in the cryptocurrency industry as institutions dabble in the space. With the initiative driven by the nations richest family, the venture looks all but certain. Moreover, Ahmad Reza, PT Telkom Indonesia’s vice president of corporate communications and investor relations recently confirmed that the firm is seeking new opportunities in blockchain and cryptocurrencies and is looking for top players in the space.
Asked about the matter, a Binance spokesperson neither confirmed nor denied the report, stating;
We are supportive of the sustainable growth of the blockchain industry globally and we are constantly looking at business opportunities in every country,
Although cryptocurrencies are not a form of currency in Indonesia, the government has taken a pro-crypto approach allowing them to be traded alongside commodity futures as an investment option. As such, Binance is already invested in Tokocrypto, a leading Indonesia’s cryptocurrency trading exchange.
Binance CEO says CBDCs will compliment crypto
The rumours emerge as Binance CEO Changpeng Zhao speaks on a growing threat on cryptocurrencies from central bank digital currencies (CBDCs). In a recent interview, the CEO assured that CBDCs will only complement cryptocurrencies. Zhao stated;
Even though central bank digital currencies may come out, fundamentally they are very different from native cryptocurrencies. I don’t think they will replace Bitcoin,
The CEO believes that their launch hugely validates blockchain technology, it further helps educate the masses on cryptocurrencies. Zhao further spoke on the growing institutional adoption of cryptocurrencies globally, on this, he stated;
I think there is probably a five-X jump in the number of institutions from this year versus the last one, from now versus the beginning of this year. This year, we’ve seen tremendous growth,
Evidence of this growth has been seen in the market prices with a majority of top coins marking all times highs this year. Bitcoin, the largest cryptocurrency by market cap reached an all-time high of $68,000 after more than doubling from last year’s high.
Related: Elon Musk vs CZ: Binance’s Dogecoin glitch sparks Twitter war

The plans to deepen its foothold in Indonesia may come somewhat easy for Binance as the Indonesian government is known to maintain a favorable stance when it comes to digital currencies. Binance exchange, one of the biggest trading platforms in the world, is looking at opportunities to broaden its businesses in Indonesia through partnerships with some of the biggest brands in the country. Per a Bloomberg report, the trading firm is exploring a business association with PT Bank Central Asia (BCA), controlled by sibling billionaires Budi and Michael Hartono, and PT Telkom Indonesia on the possibilities of setting up a new digital currency exchange.The matters have not been made official and the Bloomberg report is based on sources close to the matter. Forming a business bond with the duo of BCA and PT Telkom Indonesia is billed to be mutually beneficial to all parties. While the proposed venture will take a pivotal role in the financial innovation terrain in Indonesia as many of the adult population are unbanked, the existing local business will gain exposure to crypto-assets and the host of benefits they tend to offer. According to one of the sources who spoke to Bloomberg, BCA may form the business partnership through an affiliated entity. Telekom Indonesia has been exploring new ways to divest its portfolio taking advantage of its technological advances. The firm is likely to front its MDI Venture Capital arm for the deal with Binance.Discussions are still ongoing and the terms are likely to change, the people said. A timeline is not associated with the deal while the report made no mention of financial commitments tied to the deal.Binance Exchange Plans to Expand Its Businesses May Meet Limited ResistanceThe plans to deepen its foothold in Indonesia may come somewhat easy for Binance as the Indonesian government is known to maintain a favorable stance when it comes to digital currencies.The Indonesian government permits the trading of cryptocurrencies on its shores, allowing them to be traded alongside commodity futures as an investment option. The government is also exploring an avenue to set up a dedicated digital currency trading platform by the end of the year.The size of the Indonesian economy is quite large, and the emergence of innovative platforms is poised to see a number of embraces across the board. Binance Exchange currently backs the local digital currency platform, Tokocrypto, one of the most functional trading platforms in the country. The exchange is taking a markedly different approach to becoming a regulatory-friendly outfit, and beyond its direct adherence to extant rules, partnering with established regulated entities remains one of its core game plans.While Indonesia still does not recognize cryptocurrencies as legal tender, its benevolence has been seen as an avenue to fuel growth, and Binance is taking advantage of this as best as it could. Business News, Cryptocurrency news, News Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Thank you!You have successfully joined our subscriber list.

While most cryptos struggled to counter the steep breakdown that occurred on 3 December, Terra’s LUNA saw soaring gains during the recovery phase until it touched its ATH on 5 December. 
Solana, on the other hand, grappled to turn the trend into its favor while Binance Coin flashed mixed signs. 
Binance Coin (BNB)
Source: TradingView, BNB/USDT
BNB recurringly formed an ascending channel (yellow) after an up-channel breakdown on 4 December. The alt continued its long-term bullish trend despite a massive sell-off. After poking its six-month high on 7 November, the price action saw a pullback as the bears ensured the long-term resistance at the $648.8-mark. 
The bears retested the $583.2 resistance thrice before finally breaching it to hit BNB’s five-week low on 4 December. Since then, the bulls retaliated, but an up-channel breakout on 9 December confirmed the increased bearish vigor.
The RSI saw a 16 point plunge in 24 hours below the midline. Thus, BNB traded below its 4-hour 20-50-200 SMA at $573.1. While the DMI reaffirmed the bearish bias, the ADX (red) displayed a weak trend for the alt. Also, the Squeeze Momentum Indicator flashed black dots, hinting at a low volatility phase.
Solana (SOL)
Source: TradingView, SOL/USD
Like BNB, SOL bears increased the selling pressure over the last month as the alt touched its lifetime milestone on 6 November. The alt plummeted by marking a down-channel (yellow). Then, after losing nearly one-third of its value, the price poked its six-week low on 3 December. 
The bulls failed to uphold the $183 six-week support as the bears retested that level multiple times over the past week. As a result, SOL saw a 24.1% weekly downfall and an up-channel breakdown. 
At press time, SOL traded at $176.6. The RSI plunged toward the oversold region after preferring the bears. Also, the DMI resonated with the bearish RSI readings. Considering the gap between the DMI lines, the bulls will need to propel higher volumes to alter the trend in their favor.
Terra (LUNA)
Source: TradingView, LUNA/USDT
LUNA entered into price discovery after touching its five-week low on 24 November. The alt saw an exceptional rally of over 104% from 26 November to 5 December. LUNA skyrocketed in an up-channel to touch its ATH on 5 December. Meanwhile, it became the tenth-largest crypto in terms of market cap.
In light of a market-wide breakdown, the alt saw a nearly 20% correction on 3 December but found strong support at the golden 61.8% Fibonacci level.
Since then, the digital currency formed a classic bullish pennant pattern on its 4-hour chart.
At press time, LUNA traded at $69.28 after noting a 7.9% 24-hour. The RSI seemed to find support at the midline. Also, the DMI affirmed a slight bullish preference. The AO projected the 24-hour decline by flashing red signs. Nevertheless, LUNA’s directional trend stood weak as per ADX (red).

[PRESS RELEASE – Singapore, Singapore, 9th December 2021] SYN CITY, the first-ever mafia-themed metaverse game on the blockchain, has broken new records this week, with the listing of their in-game tokens and assets, in what has become one of the most successful IGOs to date. SYN CITY launched its IGO on the Binance NFT platform, with various in-game collections, and was flooded with over $3.5 million USD in volume less than 30 minutes after launch. Today SYN CITY is ranked number 1 for collections on the Binance NFT platform, number 2 for the last 7 days, and number 3 for the last 30 days.
SYN CITY is quickly becoming more popular with over 200 thousand community members. The mafia metaverse, which was set up by ex-Tron Head of Business Roy Liu, works on a DAO system, where all community members govern their own syndicates. The game was created by ex Ubisoft, Roblox, EA, and Disney team members. The Binance IGO listing saw SYN CITY drop limited-edition NFTs and in-game assets especially created for Binance.
According to SYN CITY’s Roy Liu, “We have been blown away by the success of this listing, and are completely thrilled to create a parallel universe for the Binance community among many others. Thanks to all the support from our community members, Binance NFT, and the Binance NFT ecosystem, it is clear we are creating something amazing here, and we will certainly grow and scale together with our community.“
The play-to-earn model has boosted the popularity of on-chain gaming, and in the last quarter alone the number of Unique Active Wallet (UAW) connected to game dApps climbed to 754,000. This accounts for approximately half the entire industry’s gaming activity. NFT games account for 20% of all NFT trading volume, but there is one major shortcoming.
SYN CITY introduces a free-to-play-to-earn gaming model, which takes the emphasis away from players having to pay-to-play, and encourages engagement by incentivizing pure gameplay and in-game interaction.
The importance of IGOs is rising as a new model of crowdfunding, which allows users to purchase tokens ahead of new game launches. The most popular blockchain games can also drop their NFT collections onto the Binance NFT platform.
About SYN CITY
SYN CITY is the first-of-its-kind “mafia metaverse” game built for the blockchain. Constructed by a team of experienced game developers, SYN CITY brings the mafia and syndicate-style gameplay on-chain while introducing a unique in-game governance feature called Mafia-as-a-DAO (MaaD). The platform’s native token, SYN, offers players access to several earning opportunities like events and governance rewards. Gamers can take part in daily events, including PvP, PvE, and Syndicate-based contests like cross-chain tournaments.

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Binance Holdings Ltd. could be establishing a cryptocurrency exchange in Indonesia in partnership with the country’s wealthiest family.Sponsored
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In addition to PT Bank Central Asia (BCA), controlled by the billionaire Hartono family, the world’s largest crypto exchange is in talks with state-owned PT Telkom Indonesia, according to Bloomberg sources.

The potential deal would be a boon for all parties involved. Binance would enhance its market position in the country’s emerging crypto space, where it has already invested in Tokocrypto, one of the country’s largest crypto exchanges.Sponsored
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Meanwhile, the venture would enable the Hartonos, some of the country’s most powerful businessmen, to enter into cryptocurrencies. In addition to the bank, the family also owns e-commerce businesses, a telecom services firm, and a major cigarette manufacturer. Sources said BCA’s partnership with Binance could be formed through another related entity.

Additionally, the deal would consummate Telkom Indonesia’s efforts to partner with top players, as it has been doing through its venture-capital arm MDI Ventures, said Ahmad Reza. The firm’s vice president of corporate communications and investor relations is relishing the opportunity to leverage the group’s connectivity capabilities to access the potential in crypto markets.

Crypto in Indonesia

The anticipated joint venture would likely contribute to growing adoption of cryptocurrencies in the Southeast Asian archipelago. Many among the world’s fourth-largest population lack bank accounts and access to other traditional forms of finance.

However, Indonesia is also home to the world’s largest population of Muslims, in which a recent decree may have some consequence. Last month, the country’s council of religious leaders, the National Ulema Council (MUI) deemed cryptocurrency as haram, or banned. The authority determined that as currency, crypto is forbidden because it retains elements of uncertainty, wagering and harm. Although MUI head of religious decrees Asrorun Niam Sholeh did acknowledge that crypto could be traded as a commodity if it ​​abides by Shariah tenets and can show a clear benefit.

For its part, Indonesia’s government has been largely supportive of crypto assets. It refused to instate a ban on a market with transactions that amounted to 370 trillion rupiah ($26 billion) in the first five months of the year. Instead, it allowed for crypto assets to be traded alongside commodity futures as an investment. In keeping with religious authorities, the government does not allow for the use of crypto as currency.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Binance Holdings Ltd. is reportedly in conversation with two parties to set up a cryptocurrency trading exchange in Indonesia. Bloomberg reported citing sources that the venture could include the Hartonos, Indonesia’s richest family that controls PT Bank Central Asia along with interest in sectors like telecom and e-commerce. The other party is a state-owned telecom operator called PT Telkom.

EXCLUSIVE: Binance, the world’s largest crypto exchange, is in talks with Indonesia’s richest family and a state-owned telecom operator for a venture https://t.co/OlcVeRW2FX pic.twitter.com/WfDYoxqcsO
— Bloomberg Crypto (@crypto) December 10, 2021

The development follows chatter that Binance as an influential global exchange will improve crypto adoption in Indonesia. The country had earlier this year announced plans for a central bank digital currency. Now, the central bank is pushing for a digital form of the rupiah to ‘fight’ private cryptocurrencies, as per earlier reports.
It is worth noting that recently, Indonesia’s council of religious leaders ended up prohibiting crypto for Muslims. A decision that was announced by the National Ulema Council (MUI) and was considered to be in line with the Shariah law. And lately, the country’s top leaders have continued to tighten the regulations around cryptos.
Therefore, the partnership can also provide Binance with a firm footing in the Asian nation. None of the parties have commented on the matter and the deal is yet to be finalized.
Binance on expansion spree
Apart from Indonesia, Binance recently expressed plans to expand in the U.K. As the world’s largest exchange in terms of trade volume, Binance has also come under fire from regulators globally. However, Binance aims to become a registered crypto-asset firm in the U.K in the next six to 18 months. Binance Asia has also applied for a license in Singapore to provide digital asset services in the country.
In a previous interview, Binance CEO Changpeng Zhao had reiterated that Europe and the U.S are large markets, and he wishes to leverage it. And, Binance has been be currently focusing on working “closely with regulators all around the world,” according to CZ.
Recently Binance Labs also led a $1.5-million seed round for BBS network for a SocialFi project. Ken Li, Investment Director of Binance Labs then stated,
“Our team has been deeply exploring the Web 3.0 SocialFi landscape, and we are excited by what decentralization can do for the creator economy, as well as billions of daily social media users.”

Binance, the world’s largest crypto exchange by trading volume, is reportedly in talks with Indonesia’s richest family, the Hartonos, to open a crypto exchange. As per a report published in Bloomberg, Binance Holdings Ltd. is looking to finalize a crypto venture with billionaire siblings Budi and Michael Hartonos-controlled PT Bank Central Asia (BCA), and Indonesia’s largest state-owned telecom firm PT Telkom Indonesia. The report also claimed that the BCA may enter into the partnership using a separate business entity and the terms of the partnership could vary at the time of finalization. If finalized, it would be the second crypto venture for Binance in Indonesia. The first came in the form of a partnership with crypto trading platform Tokocrypto.A new crypto venture involving the country’s richest family and the largest telecom firm would give Binance a strong foothold in the country with positive crypto regulations. The Indonesian government treats the crypto market as an investment class and allows its trading alongside commodity futures.BCA didn’t immediately respond to Cointelegraph’s requests for comments. Binance declined to comment.Related: Binance plans to become registered UK firm despite regulatory setbacksAfter facing major regulatory challenges in the second and third quarters of 2021, Binance is now looking to expand its footprint in the Asia Pacific region. The Singapore arm of the crypto trading giant recently acquired an 18% stake in a local private securities exchange, Hg Exchange. The crypto exchange giant led another $1.5 million funding round for an Asian tokenized messaging platform, the BBS Network.Apart from new acquisitions and fundings, Binance’s sister company in the United States, Binance.US, is reportedly in the final stages of closing a multi-million funding round. Changpeng Zhao, the CEO of the global exchange, had revealed in November this year that the firm is expected to raise “a couple hundred million.”

Singapore, Singapore, 9th December, 2021,
SYN CITY, the first-ever mafia-themed metaverse game on the blockchain, has broken new records this week, with the listing of their in-game tokens and assets, in what has become one of the most successful IGOs to date. SYN CITY launched its IGO on the Binance NFT platform, with various in-game collections, and was flooded with over $3.5 million USD in volume less than 30 minutes after launch. Today SYN CITY is ranked number 1 for collections on the Binance NFT platform, number 2 for the last 7 days, and number 3 for the last 30 days.
SYN CITY is quickly becoming more popular with over 200 thousand community members. The mafia metaverse, which was set up by ex-Tron Head of Business Roy Liu, works on a DAO system, where all community members govern their own syndicates. The game was created by ex Ubisoft, Roblox, EA, and Disney team members. The Binance IGO listing saw SYN CITY drop limited-edition NFTs and in-game assets especially created for Binance. 
According to SYN CITY’s Roy Liu, “We have been blown away by the success of this listing, and are completely thrilled to create a parallel universe for the Binance community among many others. Thanks to all the support from our community members, Binance NFT, and the Binance NFT ecosystem, it is clear we are creating something amazing here, and we will certainly grow and scale together with our community.“
The play-to-earn model has boosted the popularity of on-chain gaming, and in the last quarter alone the number of Unique Active Wallet (UAW) connected to game dApps climbed to 754,000. This accounts for approximately half the entire industry’s gaming activity. NFT games account for 20% of all NFT trading volume, but there is one major shortcoming.
SYN CITY introduces a free-to-play-to-earn gaming model, which takes the emphasis away from players having to pay-to-play, and encourages engagement by incentivizing pure gameplay and in-game interaction. 
The importance of IGOs is rising as a new model of crowdfunding, which allows users to purchase tokens ahead of new game launches. The most popular blockchain games can also drop their NFT collections onto the Binance NFT platform.
About SYN CITY
SYN CITY is the first-of-its-kind “mafia metaverse” game built for the blockchain. Constructed by a team of experienced game developers, SYN CITY brings the mafia and syndicate-style gameplay on-chain while introducing a unique in-game governance feature called Mafia-as-a-DAO (MaaD). The platform’s native token, SYN, offers players access to several earning opportunities like events and governance rewards. Gamers can take part in daily events, including PvP, PvE, and Syndicate-based contests like cross-chain tournaments. 

Contacts

Ryan Dennis
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Binance Labs is a chain-agnostic investor and incubator focused on supporting the global blockchain ecosystem and decentralized web. Their portfolio includes 1inch, Audius, Axie Infinity, Chiliz, Elrond, Injective, Matic / Polygon, Sandbox and Terra.
Ken Li is an Investment Director at Binance Labs, with a focus on equity & token investments in Web3 social, gaming & crypto adoption platforms. He recently joined the Bitcoin.com News Podcast to talk about the market:

Ken also helps lead the Binance incubation program. Prior to Binance, Ken led blockchain investment & incubation strategy at BCG Digital Ventures and started his career as a management consultant at Bain.

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press release

PRESS RELEASE. Label Foundation has recently announced its readiness to deploy on the Binance Smart Chain, utilizing the cross-chain bridge that they have developed in cooperation with the Tokyo-based blockchain development company, Curvegrid. The deployment of the bridge pinpoints to the initiation of the Label’s integration into the Binance Smart Chain’s ecosystem.
Label may be understood as a blockchain-oriented international education content platform which presents an incubation system that readily supports various promotion, distribution and investment processes in an attempt to eliminate obstacles and challenges pertaining to existing content production as well as investment procedures.
Previous to this development, Label Foundation has expanded its ecosystem with key partnerships within the blockchain and education industry. It has already collaborated with OPENTRACK, a leading music education platform operated by Clesson. The partnership will provide a batch of world-class instructors that will provide early content within the Label ecosystem. They announced that they are committed to bringing world-class artists, such as Scoop DeVille, Mark Lettieri, Docskim and many other Grammy-nominated artists to their platform to incubate and NFTize their IP rights.
Label Foundation’s primary objective is to hence provide its users with high-quality educational and entertaining resources. Apparently, with their migration to the Binance Smart Chain ecosystem, Label will be able to leverage all the best features of the mainnet to scale and increase their performance of their decentralized application.
An innovative platform
Through Label, an NFT framework has been constructed atop the Ethereum Network and Binance Smart Chain, and it is supported by the LBL utility as well as governance tokens, with a single purpose of establishing a fair profit-sharing economy with permissionless IP rights incorporation. Label is hence a decentralized P2P (Peer To Peer) incubation platform that invests in high-quality entertainment and education material via the DAO (Decentralized Autonomous Organization) voting system, allowing donors to collect profits via the NFT ownership mechanism.
Also, the Label platform creates an ecosystem that seeks to establish an unbiased and decentralised incubating system, with the goal of providing content creators in the MOOC industry with improved accessibility. It therefore strives to enhance a seemingly unfair profit structure which is often prevalent in the sector and to also prevent copyright infringement instances from occurring throughout the industry.
Bridge with BSC
As per the latest developments, Label is now officially bridged to Binance Smart Chain (BSC) and the token shall be deployed via the MultiBaas Middleware, built by Curvegrid. The bridge shall link Ethereum Mainnet with Binance Smart Chain, allowing for the smooth movement of LBL tokens from ERC-20 to BEP-20 and vice versa.
Additionally, Solanium shall be joining LABEL as a strategic adviser, assisting in the expansion of the LABEL ecosystem. In the Solana (SOL) ecosystem, Solanium is a platform based in Amsterdam and primarily used for governance voting, decentralized fundraising, and time weight token staking. Furthermore, Label’s IDO is also anticipated to take place on RedKite and NFTb for the purposes of conducting public sale.
As per its whitepaper, Label aims to offer an unrivalled sales framework and infrastructure situated on the usage of blockchain technology via the aforementioned incubating system. Through this, experts, professionals and specialists alike can be found and invested in. Moreover, through effective system integration, Label will also create a fair profit sharing environment for the purposes of intellectual property rights. Lastly, with the establishment of its NFT Market, Label will launch a virtuous loop that will initiate the Global Value Chain by making the IP rights embedded in the non-fungible token readily transactable. To that end, it is also partnering up with various organizations from the entertainment and media industry to focus on the cultivation of its respective incubating system.

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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