The Financial Services Authority of Indonesia (OJK) reports that approximately 72% of licensed crypto exchanges in the country are still operating at a loss as of the end of 2025, even though the number of crypto users has surpassed 20 million.
This figure reflects structural challenges, namely that the user base is growing rapidly but is increasingly choosing foreign platforms, making it increasingly difficult for domestic exchanges to compete.
The cost and liquidity gap in Indonesia.
According to information from OJK cited by local media, the total value of crypto transactions decreased to IDR 482.23 trillion (~USD 30 billion) in 2025, down from IDR 650 trillion in 2024. OJK attributed this to Indonesian investors opting to trade through regional and global platforms rather than using domestic exchanges.
William Sutanto, CEO of Indodax, stated that the capital outflow is due to traders seeking better competitive conditions abroad.
The number of crypto users in Indonesia is already very large, but the transaction volume domestically is still inadequate, as most activities flow into the global ecosystem. The market will look for places with more efficient operations and better competitive costs, William Sutanto stated.
He highlighted the unequal playing field, as domestic exchanges must bear taxes and various compliance requirements, which foreign platforms servicing Indonesians do not face. Indonesian investors can still access foreign exchanges via VPN and deposit through local banks.
Foreign platforms do not bear the same tax and compliance burdens as domestic players, yet they remain accessible to Indonesian investors, Sutanto added.
Indonesian crypto users speaking with BeInCrypto cited several reasons for preferring foreign platforms, including lower costs, faster withdrawals, and ongoing security concerns following the Indodax hack in 2024. One user stated that domestic exchanges require extensive documentation for withdrawals over USD 1,000, whereas using P2P on global platforms takes less than a minute.
Structural pressures.
The Indonesian crypto market underwent significant regulatory changes on January 10, 2025, when the regulatory role was transferred to OJK from the Commodity Futures Trading Regulatory Agency (Bappebti). The agency issued new exchange licenses to reduce the previous monopolies. However, there are now 29 licensed exchanges competing in the domestic market, which is limited in size, intensifying profit pressure.
Additionally, global players are stepping directly into the market. Robinhood announced plans in December to acquire the Indonesian broker PT Buana Capital Sekuritas and the licensed crypto trader PT Pedagang Aset Kripto.
Bybit also announced a strategic partnership with the local platform NOBI to launch Bybit Indonesia, while Binance is already operating in Indonesia through its subsidiary Tokocrypto. The influx of well-capitalized global competitors increases pressure on domestic exchanges that are already facing low profits.
In addition to licensed global competitors, unlicensed platforms are also siphoning market funds, with estimates suggesting Indonesia loses tax revenue of USD 70–110 million annually to these platforms.
Concerns about confidence in trading websites in Indonesia.
Various challenges arise as Indodax itself is facing scrutiny. OJK is investigating reports of approximately IDR 600 million of customer funds going missing, with Indodax clarifying that the cause is external factors such as phishing and social engineering, not a hack. However, this case reflects the trust issues that domestic platforms must overcome to retain their user base.
Sutanto called for continued enforcement of regulations against illegal foreign platforms, alongside building a stronger and healthier domestic ecosystem, emphasizing that collaboration between regulators and industry players is key.