72% of Indonesian Crypto Exchanges Still Unprofitable Despite 20M Users
Despite having over 20 million users, 72% of licensed Indonesian crypto exchanges remained unprofitable due to users favoring cheaper, global platforms.Summary
According to data from Indonesia's Financial Services Authority (OJK), 72% of licensed domestic crypto exchanges were unprofitable by the end of 2025, even as the nation's crypto user base exceeded 20 million. This disparity is attributed to Indonesian investors increasingly using regional and global platforms, causing domestic transaction values to drop to IDR 482.23 trillion in 2025 from IDR 650 trillion in 2024. Indodax CEO William Sutanto noted that users seek more efficient execution and competitive costs abroad, pointing out that foreign exchanges avoid the tax and compliance burdens imposed on domestic players. Furthermore, the market faces structural pressure from the entry of well-capitalized global competitors like Robinhood and Bybit, alongside competition from unlicensed platforms. Trust issues also plague domestic exchanges, exemplified by OJK investigating reports of missing customer funds at Indodax, highlighting the need for regulatory consistency and industry collaboration to foster a healthier domestic ecosystem.
(Source：BeInCrypto)