72% of cryptocurrency exchanges in Indonesia suffer losses as users turn to overseas platforms

According to data from the Indonesian Financial Services Authority (OJK), by the end of 2025, the number of cryptocurrency users in Indonesia has exceeded 20 million, but about 72% of licensed exchanges have not yet made a profit. The total transaction volume in 2025 will decrease to 4822.3 trillion Indonesian rupiah (approximately 30 billion US dollars), a significant decline from 650 trillion Indonesian rupiah in 2024. Indodax CEO William Sutanto stated that Indonesian traders are turning to overseas platforms in search of lower transaction fees, faster withdrawal speeds, and avoiding local tax burdens. Domestic exchanges face tax and compliance costs, while overseas platforms have no such burden when accessing through VPN. After the transfer of regulatory authority from Bappebti to OJK in January 2025, 29 exchange licenses have been issued, intensifying competition. International platforms such as Binance and Bybit have entered the market, further squeezing local players. In addition, Indodax is under investigation by OJK due to a loss of approximately 600 million Indonesian rupiah (approximately 38000 US dollars) in customer funds.