Binance has held nearly 100% of the shares in the Indonesian crypto platform Tokocrypto, is laying off employees, and replacing its CEO

ChainCatcher news, according to Bloomberg, Binance has held nearly 100% of the shares in the Indonesian cryptocurrency exchange Tokocrypto, and is laying off staff and replacing its top management.

Tokocrypto spokesperson Rieka Handayani stated that after Binance increased its stake, Yudhono Rawis will be appointed as the interim CEO of Tokocrypto, replacing Pang Xue Kai. In addition, Tokocrypto is laying off 58% of its workforce to cut costs and will cease its diversification into non-trading platform businesses. (Source link)