Binance completes acquisition of Tokocrypto exchange, TKO token surges 10% Binance completes acquisition of Tokocrypto exchange, TKO token surges 10%
CZ confirmed that Binance was a majority shareholder from 2020, but has injected more funds to increase its ownership of the Indonesian exchange.
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Updated: Dec. 20, 2022 at 12:23 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Leading crypto exchange Binance is set to fully acquire Indonesian-based Tokocrypto, following a 100% share ownership in the exchange.
As early as 2020, Binance invested in Tokocrypto and owned about a 60% stake in the exchange. As per Coindesk Indonesia, Binance will gradually increase its stakes to about 100%.
Binance CEO Changpeng Zhao confirmed the report, stating that Binance has injected more funds to increase its ownership of the Indonasian-based exchange.
Binance was the majority shareholder of Toko from the beginning. Just injected more cash and increased our shareholding a bit. pic.twitter.com/NIeYYxzPdU
— CZ ๐ถ Binance (@cz_binance) December 19, 2022
The deal will see Binance acquire the remaining 40% shares of Tokocrypto, to become the sole owner of the regulated crypto exchange.
Tokocrypto co-founder Pang Kai said the acquisition would help the exchange leverage Binance’s capabilities to continue contributing to advance Indonesia’s digital economy.
Following the acquisition, Pang Kai will step down from his role as CEO, while Yudhono Rawis will serve as the interim CEO.
Tokocrypto slashes workforce slashed by 58%
Tokocrypto interim CEO Yudhono Rawis said the exchange will streamline its operations and focus only on the exchange business unit.
In addition, Rawis saidย that due to unfavorable market conditions, the exchange will lay off about 58% of its employees.
“It is regrettable that we had to downsize the company to ensure that we remain in a good position to deal with uncertain macroeconomic conditions and we express our sincere apologies to the affected employees,” Rawis added.
According to Rawis, the exchange will support the affected employees and help recommend them for jobs in other Web3 companies, including Binance.
Following the news of Tokocrypto’s acquisition, the exchange’s TKO token has surged by over 10% to trade at $0.32 in the last 24 hours, according to CryptoSlate data.
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Author 
Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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Tokocrypto is a local Indonesian cryptocurrency project to offer a unique hybrid CeFi and DeFi token model.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
