Tokocrypto exchange token rises by 74% after rumors of a possible purchase by Binance

There has been no official confirmation of negotiations from the parties yet

06.12.2022 - 13:20

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2 min

What’s new? The value of Toko Token, the native token of Indonesian cryptocurrency exchange Tokocrypto, has risen 74% in 24 hours, from $0,2983 to $0,5197, according to aggregator CoinGecko. This came after TechinAsia published news about negotiations between Tokocrypto and crypto exchange Binance.

News on the TechInAsia website

What else is known? On December 6, the portal published information that Binance was in talks to buy Tokocrypto. Individuals familiar with the matter were cited as a source. According to them, the current CEO of Tokocrypto, Pang Xue Kai, will leave his position after the deal is completed. In addition, there will likely be other layoffs after the takeover.

The publication also reported that Binance invested in Tokocrypto in 2020, entering the Indonesian market. This was made possible because Tokocrypto received a license from the local regulator.

In late November, Binance CEO Changpeng Zhao confirmed that the exchange’s US arm would participate in the auction for the sale of the bankrupt crypto broker Voyager Digital. According to the results of the previous auction, the assets of Voyager for $1,42 billion were bought out by the FTX exchange, which later filed for bankruptcy itself. After the news was published, Voyager Token increased by almost 30% within a day. On December 6, 13:00 UTC, VGX was trading at $0,442 gaining 0,91% per day.

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