- Binance had purchased Tokocrypto
- Tokocrypto native token – TKO coin increased value by 50% due to Binance
- Binance has purchased three licensed Asian cryptocurrency exchanges this year
Local news outlets reported on December 19 that Binance had purchased Tokocrypto, an Indonesian crypto asset exchange. Binance CEO Changpeng Zhao (CZ) acknowledged the acquisition in a tweet, describing it as simply injecting additional capital and slightly increasing our stake. At the exchange, adjustments are anticipated.
On December 6, rumors surfaced that Binance was talking with Tokocrypto, causing its TKO coin’s value to increase by 50%. It was also stated at the time about a round of layoffs if the buyout went forward. In September, Tokocrypto fired 45 employees or 20% of its workforce. In addition, it spun off its community space T-Hub and nonfungible token store TokoMall.
Meanwhile, the founder of Tokocrypto, Pang Xue Kai, will reportedly step down from his position as CEO and be replaced by Yudhono Rawis. Pang Xue Kai will stay on the board of directors of the organization.
Pang Xue Kai explained,
Tokocrypto came from our idea more than four years ago and I am very proud to see every growth, achievement and contribution that companies have made to advance Indonesia’s digital economy.
He added, “this decision was made after careful consideration and we decided that the best step for Tokocrypto going forward was to utilize Binance’s ability to build a further physical trading platform for crypto assets.”
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In other news, on November 17, a bill was proposed in the Russian parliament’s lower house, the bill put forward legalizing cryptocurrency mining and the sale of mined cryptocurrency.
As per a recent tweet from Bitcoin Magazine, the Russian Congress is planning to pass a bill legalizing BTC mining in the country, so this could be implemented in the coming days.
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