Binance has increased its shareholding in Indonesian crypto asset trader Tokocrypto .The cash injection was confirmed in a tweet by Binance CEO CZ .
Tokocrypto founder Pang Xue Kai will reportedly step down as CEO, to be replaced by Yudhono Rawis as interim chief. Pang Xue Kai will remain on the company’s board of commissioners.
Reports emerged on Dec. 6 that Binance was in talks with Tokocrypto, driving the value of its TKO coin up 50%. It was also reported at the time that a round of layoffs would occur if the buyout went through. Tokocrypto laid off 45 people, or 20% of its staff, in September. It also spun off its community space T-Hub and nonfungible token marketplace TokoMall at that time.
Binance first invested in the Indonesian company in 2020. In 2021, Tokocrypto was reportedly considering an initial public offering, although the offering never took place.
Tokocrypto was founded in 2018 and became Indonesia’s first crypto exchange to receive approval from the country’s Commodity Futures Trading Regulatory Agency (Bappebti) the following year. That agency’s approval has since become mandatory for crypto exchanges. Seventeen companies had received Bappebti approval by March of this year.
