Binance, the world’s largest cryptocurrency exchange, has acquired Indonesia-based crypto exchange Tokocrypto, according to a CNBC report on Monday,
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Fast facts
- Tokocrypto-backed tokens rose 23% in the four hours to 8:30 p.m. 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 became 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 record 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.
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