Coindesk learns about Binance’s purchase of Indonesian crypto exchange Tokocrypto

After the deal closed, the staff of the exchange was reduced by 58%

19.12.2022 - 11:30

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2 min

What’s new? Crypto exchange Binance has bought Tokocrypto, one of the largest cryptocurrency exchanges in Indonesia. This was reported by CoinDesk Indonesia, citing a press release dated December 19. Tokocrypto’s leadership was reshuffled in connection with the deal, and the company also significantly reduced the number of employees.

News on the CoinDesk website

What else is known? According to the press release, Tokocrypto CEO and co-founder Pang Xue Kai will step down. Yudhono Rawis will take his place during the acquisition process of the exchange. However, Pang Xue Kai will remain a member of the Board of Commissioners and will continue to support the platform.

Tokocrypto’s leadership saw the deal with Binance as the best step to further develop the platform. According to Rawis, in order to keep the platform stable and focus on productivity improvements, the company had to reduce operations and lay off 58% of its staff. Rawis cited the uncertain macroeconomic situation and apologized to the affected employees. The press release notes that all parties affected by the cuts will receive support in the form of guidance from other Web 3.0 and blockchain companies.

On December 6, the value of Toko Token, the native token of Tokocrypto, rose by 74% in 24 hours. This followed a media article about negotiations between Tokocrypto and Binance. Binance invested in Tokocrypto in 2020, entering the Indonesian market. This was made possible because Tokocrypto received a license from the local regulator.

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