Binance Acquires Indonesian Crypto Trading Firm Tokocrypt

Binance has finalised its acquisition of Indonesian crypto trading company Tokocrypt, for which they have been a major shareholder from the very beginning.

As representatives say, the decision was made after careful consideration. The parties decided that the best step for Tokocrypto going forward is to utilize Binance's capabilities to build a further physical trading platform for crypto assets. This move adds more cash and increases Binance's shareholding power.

Tokocrypto is the first crypto asset trader in Indonesia that is regulated by Bappebti, the country's commodity regulator. The company confirmed that the Tokocrypto branding will remain the same.

Yudhono Rawis, Tokocrypto's interim CEO, said that given the uncertain macroeconomic conditions, the company will need to engage in downsizing. The exchange's vice president of corporate communications, Rieka Handayani, said that an employee adjustment of around 58% is expected. Back in September the exchange had laid off 45 employees and spun off its community space and NFT marketplace because of the bear market.

TKO, Tokocrypto's exchange token, went up 66% on the month when rumours first emerged about an acquisition, and again 40% up after the official acquisition.

(Source: The Paypers)