Data from Indonesia's Financial Services Authority (OJK) reveals that 72% of licensed cryptocurrency exchanges in Indonesia were unprofitable in 2025, despite the number of domestic crypto users surpassing 20 million. The total trading volume fell from 650 trillion rupiah in 2024 to 482.23 trillion rupiah (around $30 billion) in 2025. Many users have migrated to overseas platforms, attracted by lower fees, faster withdrawals, and no local taxes. Indodax, a major domestic exchange, is under investigation by OJK following a loss of approximately 600 million rupiah in customer funds. The CEO of Indodax highlighted the challenges of competing with international platforms, citing unfair competition as a significant issue.