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

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.

“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.


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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

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 to register and buy your pass now.