About 72% of licensed crypto exchanges in Indonesia were unprofitable in 2025 despite the country having more than 20 million crypto users, according to data from the Financial Services Authority.
The regulator said total crypto transaction value fell to IDR 482.23 trillion in 2025 from IDR 650 trillion a year earlier, as traders increasingly shifted activity to overseas platforms offering lower fees and faster withdrawals.
“The number of crypto users in Indonesia is already large, but domestic transaction value isn’t optimal because much of the activity flows into the global ecosystem,”
Said William Sutanto, chief executive of Indodax.
Sutanto said local exchanges face heavier tax and compliance burdens than foreign platforms, which Indonesian users can still access via VPNs and local bank transfers.
User preferences have also been shaped by trust concerns, with some traders citing security fears following Indodax’s 2024 hack and cumbersome withdrawal requirements on domestic platforms.
Competitive pressure has intensified since crypto oversight shifted from Bappebti to OJK in January 2025, leaving 29 licensed exchanges competing for a limited domestic market while global players expand locally.
OJK is now investigating reports of around IDR 600 million in missing customer funds at Indodax, underscoring the reputational and structural hurdles domestic exchanges must overcome.