Binance Completes Takeover Of Indonesian Exchange Tokocrypt

Binance has officially bought Tokocrypto. According to a press release issued on Monday, December 19, 2022.

Binance, the world’s largest cryptocurrency exchange, claimed that “it will gradually grow its investment in Tokocrypto to nearly 100%.” This announcement also validates the news Coincu has reported that circulated on December 6, 2022, claiming that Binance was in the process of acquiring Tokocrypto.

Pang Xue Kai, the CEO, will step down, and Yudhono Rawis will serve as temporary CEO during the acquisition process. Nonetheless, “Pang Xue Kai will remain a member of the Tokocrypto Board of Commissioners and will continue to give leadership support in his new role,” the company said.

Approximately 58% of employees were laid off. Because Tokocrypto is designed to focus on business unit exchanges, business unit operations and activities other than exchanges will be temporarily discontinued.

With these modifications, “There is an employee adjustment of roughly 58%.” according to Tokocrypto’s VP of Corporate Communication, Rieka Handayani. Tokocrypto made the choice to streamline operations and focus on improving the functioning of the crypto asset trading platform in response to altering crypto market conditions.

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