Continuing with its Asia push, Binance has acquired the Indonesian crypto exchange Tokyocrypto. Last month, it acquired Japan’s Sakura Exchange BitCoin (SEBC), a crypto exchange regulated by Financial Services Agency (FCA). In March, Binance acquired Mx Global, a digital assets company registered in Malaysia. These acquisitions allow Binance to operate legally in these three countries, where its operations were banned.
On December 19, Binance confirmed it has become a majority shareholder in the Indonesian cryptocurrency exchange and appointed a new CEO. Tokyocrypto has all the required regulatory permission from Indonesia’s Commodity Futures Trading Regulatory Agency (BAPPEBTI). Founder and former CEO Pang Xue Kai has resigned and will become a member of Tokyocrypto’s Board of Commissioners.
Binance, which has been investing in Tokyocrypto since 2020, has said that it will buy the remaining shares of the Indonesian crypto exchange in a phased manner.
“Tokocrypto came from our idea more than four years ago and I am very proud to see every growth, achievement, and contribution that the company has made to advance Indonesia’s digital economy,” Pang Xue Kai remarked.
He added that the decision to let Binance acquire a majority stake in the exchange was “carefully” made, keeping the advantages and growth opportunities Binance can bring.
However, with the Binance takeover came the downsizing of the team.
“It is regrettable that we have had to reduce the size of the company to ensure we remain in a good position to cope with the uncertain macroeconomic conditions and we extend our sincerest apologies to the affected employees,” Yudhono Rawis, Tokocrypto’s interim CEO, said.
