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Binance Acquires Indonesian Crypto Exchange Tokocrypto

Binance announced the acquisition of Indonesian crypto exchange Tokocrypto, CoinDesk reports.

Binance said that it will gradually increase its shareholding in Tokocrypto to almost 100%. Previously, Binance started investing in Tokocrypto in 2020. Tokocrypto is the first crypto exchange in Indonesia that is regulated by the country's regulation institution, BAPPEBTI.

Meanwhile, around 58% of Tokocrypto's employees were laid off. It will focus on business unit exchanges in the future.

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