TechFlow News — Binance has officially acquired Indonesian crypto exchange Tokocrypto, according to CoinDesk. Pang Xue Kai, former CEO of Tokocrypto, has stepped down, and Yudhono Rawis has been appointed as interim CEO. Additionally, approximately 58% of Tokocrypto's employees have been laid off. The platform will now focus exclusively on its exchange business, while non-exchange operations will be suspended.
Binance first entered the Indonesian market in 2020 with an investment in Tokocrypto. Tokocrypto was a "compliant" Indonesian crypto exchange that obtained the first license from Indonesia’s regulatory authority.
Earlier reports indicated that on December 6, Binance was negotiating the acquisition of Indonesian cryptocurrency exchange Tokocrypto. Sources said that upon completion of the deal, Tokocrypto's then-CEO Pang Xue Kai might step down and the company could undergo staff reductions.Source link
