Binance goes to Indonesia to set up an exchange? Bloomberg: Is negotiating cooperation with the richest man's family

According to reports, the cryptocurrency exchange Binance is seeking to establish a partnership with Indonesia’s richest family, the Hartono family. The two brothers are Indonesia’s largest private bank, Bank Central Bank Indonesia. Asia, BCA)'s largest shareholder.

"Bloomberg" quoted sources familiar with the matter on Friday as saying that Binance intends to establish a cryptocurrency exchange in Indonesia. The objects of negotiations currently include: Indonesia controlled by the brothers Michael Bambang Hartono and Robert Budi Hartono. Bank of Central Asia, and Telkom Indonesia, Indonesia's largest state-owned telecommunications company.

According to reports, Bank of Central Asia may establish a cooperative relationship with Binance through its affiliates. In response, the representative of Bank of Central Asia told Bloomberg that potential transactions related to Binance have not yet been discussed at the board meeting.

On the other hand, a Binance spokesperson told CoinDesk that Binance’s policy is not to comment on rumors or speculation. The spokesperson added: We support the sustainable development of the global blockchain industry, and we have been looking for business opportunities in every country.

However, the Indonesian Islamic Religious Council (MUI) believes that because of its uncertain, gambling, and harmful features, cryptocurrency violates the Sharia law (Sharia), so it is considered unhalal (Haram) and advocates that it should be banned Muslims use crypto assets as currency.

This may mean that if Binance can finally enter the Indonesian market, in the worst case, its target customer group can only target other people who believe in Protestantism, Catholicism, Hinduism, Buddhism, and of course, account for the country’s total population. Less than 5% of Indonesian Chinese are relatively wealthy.