Connect with us

Cryptocurrency

Binance Acquires 100% of Indonesian Tokocrypto After Initial Investment in 2020

Avatar

Published

on

Binance Acquired Indonesian Asset Trader Tokocrypto, According to Local Reports Dec. 19 has been confirmed In a tweet by Binance CEO Changpeng Zhao (CZ), he described the transaction as “injecting more money and increasing our stake a bit.” Changes in the stock exchange are expected.

Tokocrypto founder Pang Xue Kai is reported to be stepping down as CEO, to be replaced by Yudono Raois as interim chairman. Pang Xue Kai will remain on the company’s board of commissioners.

CNBC quotesBang Xuekai said:

“This decision was made after careful consideration and we decided that the best move for Tokocrypto going forward was to leverage the capabilities of Binance to build an additional physical trading platform for crypto assets.”

reports appeared On December 6, Binance held talks with Tokocrypto, which resulted in a 50% increase in the value of TKO coin. It was also reported at the time that a round of layoffs would occur if the acquisition went through. Tococrypto Developed of 45 people, or 20% of its employees, in September. It also spun off from the community space T-Hub and non-fungible token marketplace TokoMall at the time.

Binance first Invest in the Indonesian company In 2020. In 2021, Tokocrypto was reported Consider an initial public offeringalthough the show never took place.

Founded in 2018, Tokocrypto became the first crypto exchange in Indonesia to receive approval from the country’s Commodity Futures Trading Regulatory Agency (Bappebti) the following year. That agency’s approval has since become mandatory for cryptocurrency exchanges. Seventeen companies I got my baby’s approval By March this year.

Related: Celebrity Tokens: Signs of Growing Cryptocurrency Adoption in Indonesia

binance Acquired Sakura, a licensed Japanese crypto exchangein November and MX Global, Licensed Malaysian Stock Exchange, in March. By purchasing companies that are already licensed, Binance can operate without having to obtain a license itself.