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Crypto giant Binance has announced the its acquisition of Indonesia’s Tokocrypto. Binance had invested in the crypto trading platform in 2020 and 2021, and will gradually add its shares until it acquires 100% of the platform.
“This decision was made after careful consideration. We 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,” Pang Xue Kai, CEO and co-founder of Tokocrypto, said in a press release.
According to the announcement, Pang will step down from his position and be replaced by Yudhono Rawis, who will serve as interim CEO during the acquisition process. Pang will remain on Tokocrypto’s board of commissioners.
Reports of a potential acquisition first emerged earlier this month, which drove up the value of Tokocrypto’s native TKO coin by 50%. It was also reported that job cuts will be announced if the deal was successful. According to TechinAsia, the platform already laid off 45 people, or 20% of its staff, in September.
Tokocrypto is the first crypto asset trader to be licensed by Bappebti, the Indonesian Trade Ministry’s Commodity Futures Trading Regulatory Agency.
Binance doubles down on investments
Binance is still making significant moves despite recent scrutiny over its financial health.
Yesterday, it was reported Binance US will acquire Voyager Digital’s assets after offering the “highest and best bid.”
Earlier this month, Binance announced acquired 100% of Japan’s Sakura Exchange BitCoin (SEBC).