Binance Finalizes Acquisition of Indonesian Crypto Trading Firm Tokocrypto

Tokocrypto's CEO will step down and 58% of staff will be laid off as part of the deal, says Tokocrypto spokesperson.

AccessTimeIconDec 19, 2022 at 12:16 p.m. UTC
Updated May 9, 2023 at 4:04 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Binance has finalized its acquisition of Tokocrypto, according to a press release sent to CoinDesk Indonesia.

“Tokocrypto came from our brainchild more than four years ago. I am very proud to see every growth, slogan and contribution the company has made to advance Indonesia's digital economy,” Pang Xue Kai, CEO and co-founder of Tokocrypto, said in the release.

  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Why the NEAR foundation Chose Eigenlayer as a Security Partner
    00:54
    Why the NEAR foundation Chose Eigenlayer as a Security Partner
  • Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
    07:08
    Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • “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.”

    Binance has always been a majority shareholder of the company, Binance CEO Changpeng "CZ" Zhao confirmed in a tweet, but this move “[injects] more cash and increased our shareholding.”

    Kai will be stepping down from his position as part of the acquisition but will remain on the board.

    Tokocrypto is the first crypto asset trader in Indonesia that is regulated by Bappebti, the country’s commodity regulator. The company confirmed that the Tokocrypto branding will remain the same.

    Yudhono Rawis, Tokocrypto’s interim CEO, said that given the “uncertain macroeconomic conditions” the company will need to engage in downsizing. The exchange’s vice president of corporate communications, Rieka Handayani, said that an “employee adjustment of around 58%” is expected.

    Tech In Asia reported in September that the exchange had laid off 45 employees, and spun off its community space and NFT marketplace because of the bear market.

    TKO, Tokocrypto’s exchange token, is up 40% on the day, according to CoinGecko, as the news broke first in Indonesia. It’s up nearly 66% on the month when rumors first emerged about an acquisition.

    CoinDesk Indonesia first reported this story.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.