[72% of Cryptocurrency Exchanges in Indonesia Still Operating at a Loss, Despite Over 20 Million Users Turning to Overseas Platforms] According to a report by Jinse Finance, data from the Indonesian Financial Services Authority (OJK) shows that as of the end of 2025, despite the number of cryptocurrency users surpassing 20 million, approximately 72% of licensed exchanges have yet to achieve profitability. The total trading volume in 2025 dropped to 4,822.3 trillion Indonesian rupiah (approximately $30 billion), a significant decline compared to 6,500 trillion in 2024. Indodax CEO William Sutanto pointed out that Indonesian traders are turning to overseas platforms to seek lower transaction fees, faster withdrawal speeds, and to avoid local tax burdens. Domestic exchanges face tax and compliance costs, while overseas platforms can be accessed via VPNs without these constraints. After regulatory authority shifted from Bappebti to OJK in January 2025, 29 exchange licenses have been issued, intensifying competition. Global giants like Binance and Bybit have entered the market, further squeezing local operators. Additionally, Indodax is under investigation by OJK due to customer fund losses amounting to approximately 600 million Indonesian rupiah (around $3,800).