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Binance Acquires Indonesian Crypto Exchange Tokocrypto

Samuel Edyme by Samuel Edyme
December 19, 2022 - 12:45 pm
in adoption news, Market
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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.

Tags: AdoptionBinanceCryptoExchangeMarket
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Samuel Edyme

Samuel Edyme

Samuel Edyme is a freelance web3 content writer & journalist. He specializes in writing unbiased news and engaging, benefit-driven content that resonates with readers. He’s on a mission to explore every aspect of web3 and… you know what, chances of the image above being AI-generated is about high. In fact, there’s a probability the owner of this account has chosen to remain anonymous as if they are Satoshi… or are they? :/

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