Binance officially acquires Indonesia’s Tokocrypto

Binance has officially acquired Indonesia-based crypto exchange Tokocrypto. The global crypto firm said it will gradually raise its stake in Tokocrypto to almost 100%, according to a Coindesk Indonesia report.

Pang Xue Kai, CEO and co-founder of Tokocrypto / Photo credit: Tokocrypto

This validates Tech in Asia’s earlier report that two sides were in negotiations over the deal.

According to Coindesk Indonesia, Tokocrypto CEO and co-founder Pang Xue Kai will step down from his position and be replaced by interim CEO Yudhono Rawis. The co-founder, however, will remain on Tokocrypto’s board of commissioners.

The Indonesian firm also reportedly laid off 58% of its employees due to “fluctuating crypto market conditions.” The company currently has around 290 employees, according to its Linkedin page. In September, Tokocrypto also laid off 45 employees.

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Binance invested in Tokocrypto in 2020. Through the investment, Binance is expected to strengthen its business in Indonesia, given that Tokocrypto has a crypto license in the country.

Binance has made similar deals in the past. It acquired Japan’s Sakura Exchange Bitcoin (SEBC) to reenter the country last month. In Malaysia, Binance acquired a key stake in regulated digital-asset trading platform MX Global.