Binance has acquired one of the largest crypto exchanges in Indonesia. Binance, who is the acquirer, has stated it “will gradually increase share ownership in Tokocrypto to almost 100%.”
This news comes after the speculation about Binance planning to acquire Tokocrypto was circulating on December 6, 2022. Reportedly, Binance has since been an investor in Tokocrypto for the last two years. Tokocrypto is the first crypto asset trader in Indonesia to be regulated in Bappebti.
Binance’s Latest Acquisition of Tokocrypto
Following the acquisition, Tokocrypto CEO & Co-founder Pang Xue Kai will step down from his current position at Tokocrypto and be replaced by Yudhono Rawis, who will serve as interim CEO or interim CEO during this acquisition process.
Though Pang Xue Kai will resign, he is said still to remain part of Tokocrypto’s Board of Commissioners and continue to provide leadership support in his new role.
Due to the extreme market condition, Tokocrypto is also planning to lay off about 58% of its employees. “In order to maintain a reliable crypto exchange platform in Indonesia, Tokocrypto has decided to downsize operationally and focus on improving the performance of the crypto asset trading platform.
This action is taken into account due to the fluctuating conditions of the crypto market,” said Yudhono Rawis, Interim CEO of Tokocrypto appointed by Binance
Yudhono added, “It is unfortunate that we have to downsize the company to ensure that we remain in a good position to deal with uncertain macroeconomic conditions, and we express our sincere apologies to the affected employees.”
Speaking of the acquisition, Binance CEO CZ has recently confirmed that the company’s US-based branch is planning to acquire Voyager.