The Indonesian Financial Services Authority (OJK) reports that 72% of licensed crypto exchanges in Indonesia are operating at a loss in 2025, with over 20 million users. The trading volume has dropped to 482.23 trillion Indonesian rupiah (approximately $30 billion), down from 650 trillion rupiah in 2024. Users are increasingly turning to overseas platforms for lower fees, faster withdrawals, and no local tax burdens. Indodax CEO William Sutanto highlights the heavy compliance burden on domestic exchanges. Meanwhile, global platforms like Robinhood are entering the market, with unlicensed platforms causing annual tax losses of $70 million to $110 million.