DIGIVESTASI - Ministry of Communication and Informatics Blocks Foreign Crypto Company Instagram Accounts in Indonesia. The Ministry of Communication and Informatics (Kominfo) has blocked several Instagram accounts belonging to international cryptocurrency trading companies in Indonesia. The blocked accounts include Binance, Binance Indonesia, Bybit, Bybit Indonesia, Bitget Indonesia, Kucoin Exchange, and Mexc. When accessing these accounts, users will see a message stating, "Account not available in Indonesia," accompanied by the statement, "This is because we (Instagram) are complying with a legal request from Kominfo to restrict this content."

Acting Head of the Commodity Futures Trading Regulatory Agency (Bappebti), Kasan, explained that the block is a preventive measure to avoid potential losses, as these companies do not yet have business permits in Indonesia.

"We at Bappebti support Kominfo's action to block entities that do not have business licenses in Indonesia, to ensure that the domestic crypto industry remains conducive and competitive," Kasan said in an interview with CNBC Indonesia on Wednesday (July 17, 2024).

According to Kasan, this action is in line with Article 5 of Bappebti Regulation No. 8 of 2021 concerning Guidelines for the Implementation of Physical Crypto Asset Trading, which has been updated by Bappebti Regulation No. 13 of 2022. The regulation states that physical crypto asset trading in Indonesia can only be conducted by traders who have obtained permission from the Head of Bappebti.

"To protect the public and prevent losses from unauthorized activities in Indonesia, Bappebti is working with the Ministry of Communication and Informatics to block websites and social media accounts of entities that have not obtained Bappebti approval," Kasan explained.

Kasan also added that transactions on unauthorized platforms do not guarantee protection against loss risks if the entities experience bankruptcy.

Meanwhile, two Instagram accounts from the largest domestic crypto trading platforms, Tokocrypto (owned by Binance) and Indodax, remain accessible.

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