OJK: 72% of Indonesia's licensed crypto exchanges unprofitable despite 20M users

Indonesia’s Financial Services Authority (OJK) reported that about 72% of licensed crypto exchanges were unprofitable at the end of 2025, even as the number of crypto users in the country surpassed 20 million. OJK data cited by local media showed the total value of crypto transactions fell to IDR 482.23 trillion (around $30 billion) in 2025, down from IDR 650 trillion in 2024, a drop the regulator attributed to investors trading through regional and global platforms rather than domestic exchanges.

Indodax CEO William Sutanto told BeInCrypto that much trading flows to overseas platforms because traders seek more efficient execution and lower costs; he said domestic exchanges face tax and compliance burdens that foreign platforms serving Indonesian users do not. Users interviewed cited lower fees, faster withdrawals and lingering security concerns after Indodax’s 2024 hack as reasons for using overseas services.

The market has also been reshaped by a regulatory shift on Jan. 10, 2025, when oversight moved from Bappebti to OJK and new licenses were issued. With 29 licensed exchanges now competing, well-capitalized global entrants such as Robinhood (plans to acquire local brokerages), Bybit (partnering with NOBI) and Binance (via Tokocrypto) are intensifying pressure, while unlicensed platforms are estimated to cost Indonesia $70–110 million in annual tax revenue.

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