• The parent has now completed the full acquisition of TocoCrypto and is further replacing CEO Pang Xue Kai. Yudhno Rawis will take over as interim CEO for now, while Binance will cut 58% of jobs.
The largest crypto exchange in terms of trading volume, Binance Holdings is trimming the workforce at its Indonesian unit, namely PT Krypto Indonesia Berkat, better known as Tokocrypto. The parent has now completed the full acquisition of TocoCrypto and is further replacing CEO Pang Xue Kai. Yudhno Rawis will take over as interim CEO for now, while Binance will cut 58% of jobs. Changpeng Zhao, head of Binance, also confirmed the transaction via Twitter.
On its website, Binance cited CoinCu news as saying that Binance has officially acquired Tokocrypto. Now Binance has increased its shareholding from more than 51% to 100%.
Binance released an email statement on the development on Tuesday.
Binance cited that Pang Xue Kai will remain a member of the Tokocrypto board of commissioners and will continue to provide leadership support in his new role. Notably, Yudhno Rawis will take on the role of interim CEO to follow the domestic policy for appointing local leaders.
ToCrypto's VP of Corporate Communications, Rika Handayani, revealed that there is an employee adjustment of approximately 58%. Also, the Indonesian entity will stop diversifying into non-exchange businesses.
Zhao tweeted that Binance had been the majority shareholder of TocoCrypto since its inception. "Just infused more cash and increased our shareholding a little bit," he said.
Tokocrypto was established in June 2017 with the aim of becoming 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 concentrates 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 daily trading volume. According to the website, the exchange records an average daily volume of 2 billion and over 1.4 million transactions per second.
On Tuesday, Binance's native token BNB was the top trending cryptocurrency. However, at the time of writing, BNB coin was flat and trading near the $248 level. Earlier in the trading session, BNB crossed the $250 mark on CoinMarketCap. The market cap of BNB is around $40 billion as of now. However, the weekly decline of BNB is more than 7%.
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