Bappebti Stops Trade in FTX Tokens in Indonesia

Trading in crypto assets, FTX Tokens in Indonesia was officially stopped starting November 14, 2022. This was confirmed by Plt. Head of the Commodity Futures Trading Regulatory Agency (Bappebti), Didid Noordiatmoko.

This trading of FTX Tokens was stopped after they filed for bankruptcy with the United States Court.

Didid explained, this submission caused many FTX customers to make large withdrawals. This also causes a decrease in prices FTX tokens drastically.

"CoFTRA took the steps to stop it following the fall of FTX into a crisis on November 11, 2022," Didid said in his official statement on the CoFTRA website.

FTX is a crypto asset trading company headquartered in the Bahamas. This token has derivative products and spot trading globally and was established in Antigua and Barbuda in 2019.

Also read: LATEST! These are 383 Legal Crypto Assets in Indonesia

This token is included in the 383 crypto assets included in CoFTRA Regulation Number 11 of 2022 concerning Establishment of a List of Crypto Assets Traded on the Physical Market of Crypto Assets.

Bappebti noted that there are a number of physical traders of crypto assets registered with Bappebti who facilitate trading of FTX Tokens. His party will continue to supervise the physical traders of crypto assets who sell these assets.

CoFTRA also requires that every prospective physical trader of crypto assets be able to monitor, pay attention to and analyze the development of the FTX Token. This needs to be done in order to provide protection for crypto asset customers.

Didid revealed that the share of FTX Tokens was 0.038 percent of the total value of crypto asset transactions in Indonesia in the January-October 2022 period, which was recorded at IDR 279.8 trillion.

FTX transactions amounted to IDR 106.5 billion with a total transaction volume value of 193,435 CoFTRA during January – October 2022.

He hopes that the Indonesian crypto market will always be conducive. In a sense, people do not withdraw funds and assets on a large scale.

"Based on the results of the analysis and considerations as well as for the sake of security, protecting the interests of crypto asset customers in Indonesia, we recommend that physical crypto asset trading companies not facilitate trading of FTX Tokens. It is hoped that the physical trading company for crypto assets will also carry out settlements in accordance with statutory regulations," he said.

Head of Commodity Futures Trading Development and Development Bureau at Bapebbti, Tirta Karma Senjaya, stated, volatility in the value of crypto assets is part of the investment risk that must be analyzed and studied. The reason is, crypto investment is a volatile instrument.

Where, every investor can get big profits in a short time and vice versa or high risk high return.

He stated that CoFTRA would conduct a review of the list of crypto assets that can be traded on the physical market for crypto assets. CoFTRA took this step by paying attention to the condition of the FTX Token.

"It is hoped that physical traders of crypto assets who no longer trade one type of registered crypto asset will first submit a written notification to CoFTRA. The request includes the number of customers and the amount of crypto assets owned since the date of termination and the total value of crypto assets in rupiah," said Tirta.

He also emphasized that physical traders of crypto assets who are no longer trading FTX Tokens should take the settlement step by asking customers to liquidate their crypto assets.

Also read: Crypto Application Listed at Bappebti, Suitable for Beginners!

Tirta made an appeal for crypto asset traders to continue to prioritize protecting customer funds. In addition, the community is also expected to be able to understand the transaction mechanism, risks and potential benefits beforehand.

“Before deciding to transact, first know the profile and legality of business actors and the types of crypto assets being traded. This information can be accessed easily via the link https://www.ceklegalitas.bappebti.go.id," he said.