- Binance to gain 100% control of Indonesian exchange Tokocrypto
- Fired CEO and cut staff by 58% in the crypto bear market
Launched in 2018, Tokocrypto is the first hybrid crypto exchange in Indonesia. It is registered under the Commodity Futures Trading Regulatory Agency of Indonesia which allowed it to trade crypto assets on the commodity trading platform under the supervision of the Indonesian ministry.
Binance was the majority shareholder of the exchange registered under the name PT Crypto Indonesia Berkat since the beginning of its inception. It has now extended the control from 51% to 100% making Tokocrypto completely controlled under Binance Holdings Ltd, its Indonesian arm.
Binance further made some noteworthy changes in the company. First by firing the founder & CEO of the company Pang Xue Kai and second by laying off 58% of the staff to cut costs in the crypto bear market.
Pang Xue Kai will be replaced with interim CEO Yudhono Rawis until further notice. To save the exchange from excessive exposure, Binance will halt the diversification of its businesses. The move came weeks after FTX filed for bankruptcy, sinking the market along with it.
Tokocrypto launched Binance IDR (BIDR), a BEP2 stablecoin pegged against Indonesian Rupiah. Tokocrypto Coin TKO is its native BEP20 token.
TKO is the first local Indonesian cryptocurrency project that offers a hybrid token model combining Centralized Finance (CeFi) & (Decentralized Finance) DeFi utilities. The token was launched back in April 2021 on Binance Launchpad.
The crypto market witnessed negative growth in 2022 with Bitcoin and Ethereum crashing over 80% erasing all the gains the market made during the bull run of 2021. Meanwhile, top crypto project Celsius, Voyager Digital, and BlockFi have filed for Chapter 11 bankruptcy.
After LUNA and FTX collapse, all eyes are on Binance to save the markets from total collapse.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.