Binance acquires Indonesian exchange Tokocrypto

The largest cryptocurrency platform is expanding its influence.

The Hong Kong crypto exchange continues to expand its influence in the global digital asset industry. This time there was news about the purchase of the Indonesian exchange Tokocrypto, which gives Binance access to the market on this island nation. It is noteworthy that Tokocrypto is a fairly large player in the Indonesian market. Now Binance will have great opportunities.

Changpeng Zhao's company plans to restructure Tokocrypto and change some business processes. Binance wants to change the Indonesian exchange in such a way that all the focus there is exclusively on cryptocurrency.

As one of the important innovations, the Hong Kong exchange, which acquired Tokocrypto, plans to lay off more than half of its employees. According to their plans, about 58% of employees will have to find a new job. The changes have already begun.

The post of CEO of Toko Crypto has already left Pang Xue Kai. However, he will remain on the exchange's board of directors. Pan Xue Kai's place was taken by Yudhono Ravis. The latter will serve as interim chief executive officer until another candidate is found for the position.

The departure of 58% of employees will be facilitated for employees by paying all the necessary benefits. In addition, the new guidance will provide all the necessary recommendations for potential employers and help employees get jobs in other places that will be in the field of blockchain.

It is noteworthy that against the backdrop of such news, the native cryptocurrency token Toko Crypto (TKO) has shown a big increase over the past few hours. The cost of the token rose from $0.2975 to $0.40 in an hour and a half, which is + 35% in percentage terms. At the time of writing, the token has fallen to $0.35, but growth may continue.

It is important to note that Binance will also buy additional shares of Toko Crypto and do this until their portfolio is filled with all the available securities of the exchange from Indonesia.

Toko Crypto is an exchange based in Indonesia that became the first cryptocurrency broker to receive regulatory approval in the island nation. Binance has provided financial support to the company for the past two years.

This is not the first such deal for Binance in recent months, and probably not the last. Earlier it became known about the return of the largest cryptocurrency exchange to Japan. This was due to the purchase of Sakura Exchange, a crypto broker that has been licensed by regulators in the Land of the Rising Sun.

Recall that Binance’s previous attempt to enter Japan failed. The reason for this was a ban from the FSA regulator, which indicated the absence of the required license for trading in the eastern country, and in 2021 they received a second warning, but for non-compliance with registration rules. Binance now has all the doors open to provide access to a cryptocurrency brokerage in Japan.

The influence of Changpeng Zhao's company in Asia is spreading more and more. Binance operates there mainly through partnerships with Thailand, Malaysia, and Indonesia.