Binance acquired a controlling stake in the Indonesian crypto exchange Tokocrypto.
Tokocrypto has all regulatory permissions from the BAPPEBTI.
After Pang Xue Kai, the exchange’s founder and previous CEO resigned. Binance on December 19 stated that it had acquired a controlling stake in the Indonesian cryptocurrency exchange Tokocrypto and named a new CEO.
By purchasing its third licensed cryptocurrency exchange, Binance is capitalizing on favorable market circumstances to expand into the Asian market.
Avoided Hectic Regulatory Procedures
It has been claimed by CNBC Indonesia that Binance intends to purchase all of Tokocrypto’s shares. In stages in order to operate lawfully in the nation. Since the exchange has all regulatory permissions from the Commodity Futures Trading Regulatory Agency (BAPPEBTI).
Binance has a long and tight connection with the Indonesian exchange since it had been investing in Tokocrypto since 2020. Pang Xue Kai, who will be joining the Tokocrypto Board of Commissioners, has spoken highly of Binance’s purchase, noting that the Asian behemoth has been instrumental in facilitating Tokocrypto’s entry into the Indonesian digital market.
Pang Xue Kai further clarified that the choice was thoughtfully made with the exchange’s long-term success in mind, as the company plans to make use of Binance’s expansion potential to create a second physical trading platform for cryptocurrencies.
Tokocrypto’s interim CEO, Yudhono Rawis, expressed concern over the recent staff reductions but emphasized that the move was necessary in light of the difficult financial circumstances impacting the worldwide market.
After the failure of several cryptocurrency exchanges and investment funds. Binance has decided to expand into the Asian market by acquiring other crypto exchanges, thus avoiding the time-consuming licensing procedures that have recently become more demanding.
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