Despite Crypto Winter, Binance Acquires Tokocrypto

Christmas shopping – While thecrypto winter plunges the sector into torpor and doubt, Binance continues its activities with as much dynamism. Ignoring rumors of insufficient Proof of Reserve or market anomaliesthe platform of Changpeng Zhao chain the good news and extend its empire under the dumbfounded gaze of an ecosystem that has been so feverish since the explosion in full flight of FTX. Tokocryptoa crypto exchange from Indonesia, has in turn come under the control of Binance which continues to place its pawns on the world chessboard. Direction Jakarta, on the island of Java, to better understand.

Tokocrypto falls into the hands of Binance

Founded in 2018, Tokocrypto was the first crypto platform to gain approval from the Commodity Futures Regulatory Agency (BAPPEBTI) from 2019. Historically well established, this exchange is of great interest Binance for a while already since CZ already had some 60% shares since 2020. The acquisition of 40% remaining will therefore be done gradually in the coming weeks to finally reach the totality shares of the company.

Pang Xue Kaithe current CEO of the company will give way to Yudhono Rawis who will do the interim while waiting for a decision definite future. Pang Xue Kaiwho will remain on the company’s Board of Directors, wanted to justify this change:

“This decision was made after careful consideration and we decided that the best step for Tokocrypto going forward was to leverage Binance’s capabilities to create a better platform for cryptocurrencies. »

Binance continues its conquest of the world by acquiring Tokocrypto, an Indonesian crypto platform.  Already regulated by local financial authorities, Tokocrypto will allow the CZ exchange to develop its business in the country without having to fight for additional licenses.
CZ announces its new acquisition on social networks – Source: Twitter

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CZ exchange continues to conquer Asia with a clear strategy

Unfortunately, from the perspective of resources human resources, the operation will not be without pain for the employees, because 58% of them should be thanked. The economic context would not allow them to be maintainedbut the new management has promised to do its best for the to help find a job in the sector. Yudhono Rawis apologized to them:

“It is regrettable that we have had to downsize the business to deal with the uncertain macroeconomic conditions and we extend our sincere apologies to the employees affected. »

By acquiring a company already regulatedBinance spares itself the constraints inherent in such procedures and can thus more easily and more quickly access new markets. This had already been the strategy behind the takeover of Sakura Exchange Bitcoin in Japan or MXGlobal in Malaysia.

Binance intends to remain number one in the sector and continues its Politics expansion with determination. Changpeng Zhao wanted to put the announcement in its context by specifying that it was “just a little extra cash injection and a simple increase in his share in the company”. The CEO tries to minimize his action, but this month of December is still very busy for Binance which had just come to announce the acquisition of Voyager.

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