Binance acquires Indonesian crypto exchange Tokocrypto – Crypto News – Crypto News
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Binance acquires Indonesian crypto exchange Tokocrypto – Crypto News

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Binance, the world’s largest cryptocurrency exchange, has acquired Indonesia-based crypto exchange Tokocrypto, according to a CNBC reports on monday

See related articles: Binance re-enters Japan with acquisition of regulated Sakura exchange BitCoin

Fast facts

  • The Tokocrypto-backed coin rose 23% in the four hours to 8:30 pm Hong Kong time, according to CoinMarketCap,
  • CNBC cited an acquisition statement saying that Yudhono Ravis will succeed the company’s founder and CEO Pang Xuekai as interim CEO. Pang remains a committee member of Tokocrypto.
  • Tokocrypto also laid off an unknown number of staff.
  • Tokocrypto become the first regulated crypto trading platform in Indonesia in 2019. In August 2022, the Indonesian Commodity Futures Trading Regulatory Agency announced the suspension of the registration of cryptocurrency exchanges.
  • Binance’s acquisition of Tokocrypto followed Binance’s recording net outflow of over US$3.6 billion last Tuesday. Audit firm Mazars, which issued Binance’s proof-of-reserve report, announced on Friday that it would stop working with cryptocurrency exchanges including Binance.

See related articles: Binance “deliberately” caused FTX collapse, claims Kevin O’Leary

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