Binance raises stake in Indonesian unit Tokocrypto, to cut 58% of jobs

On its website, Binance quoted CoinCu news stating that Binance has officially bought Tokocrypto. Now Binance holds 100% increasing its shareholding from earlier more than 51%.

Binance released an emailed statement on Tuesday over the development.

Binance quoted that Pang Xue Kai will remain a member of the Tokocrypto Board of Commissioners and will continue to give leadership support in his new role. Notably, Yudhono Rawis will take the role of interim CEO to comply with a domestic policy for appointing local leaders.

Tokocrypto’s VP of Corporate Communication, Rieka Handayani revealed that there is an employee adjustment of approximately around 58%. Also, the Indonesian unit will stop diversification into non-exchange businesses.

Zhao tweeted saying that Binance was the majority shareholder of Tokocrypto from the beginning. He added, “just injected more cash and increased our shareholding a bit.”

Tokocrypto was founded in June 2017 with the aim to be Southeast Asia’s leading exchange for digital assets by providing customers with an easy, simple, instant, and secure platform to transact with confidence. The company currently centers its operations in Jakarta, the capital city of Indonesia and one of the main business centers in the region.

Founded in 2017 by Changpeng Zhao, Binance is the world’s largest crypto exchange in terms of the daily trading volume. As per the website, the exchange records a 2 billion average daily volume and more than 1.4 million transactions per second.

On Tuesday, Binance’s native token BNB is the top trending cryptocurrency. However, at the time of writing, BNB tokens were trading flat and near the $248 level. Earlier in the trading session, BNB had crossed the $250 mark on CoinMarketCap. BNB’s market cap is nearly $40 billion as of now. However, BNB’s weekly drop is more than 7%.