Binance officially acquires Indonesian cryptocurrency exchange Tokocrypto

ChainCatcher news, according to Coindesk Indonesia, Binance stated that it will gradually increase its stake in Tokocrypto to nearly 100%. In addition, Tokocrypto's CEO and co-founder Pang Xue Kai will resign from the CEO position, and Yudhono Rawis will serve as the interim CEO.

Tokocrypto's Vice President of Corporate Communications Rieka Handayani stated that after the acquisition, Tokocrypto plans to focus on its exchange business sector, temporarily halting operations and activities in other business sectors, and will lay off about 58%. (CoinDesk)