Binance in talks to buy Indonesia’s Tokocrypto exchange, getting closer and closer to a full takeover

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2022-12-07 09:25:43

Cryptocurrency exchange Binance is said to be in talks to acquire the Tokocrypto platform to increase its presence in the country.

Binance is reported to be in talks to acquire Indonesian exchange Tokocrypto

According to sources from Techinasia, the world’s largest cryptocurrency exchange Binance is discussing the possibility of acquiring Indonesian crypto trading platform Tokocrypto. However, both Tokocrypto and Binance declined to comment on this information.

The source also confirmed that the CEO of Tokocrypto – Pang Xue Kai will resign after the deal is confirmed. Tokocrypto is also likely to leave a large number of employees once it is part of Binance. In September 2022, Tokocrypto laid off 45 employees, or 20% of the workforce, citing difficulties due to the cryptocurrency market’s plunge in 2022.

The high probability that Binance decided to acquire Tokocrypto is because the platform already has a license to operate in Indonesia. This is also the reason why Binance decided to invest in this platform in 2020, offering to sell their TKO tokens on Binance Launchpad. However, at the moment, this exchange faces many difficulties when data from CoinGecko shows that the trading volume in the last 24 hours on the exchange is only worth about 9 million USD.

This is also the strategy applied by Binance in the past time to overcome regulatory barriers. Just last month, Binance announced the acquisition of Japanese exchange Sakura Exchange BitCoin for a license to operate.

In addition, Indonesia is also a fairly developed place in the crypto field. According to statistics of the Indonesian Ministry of Trade, the transaction value in the first 9 months of 2022 in this Southeast Asian country reached 17 billion USD.

Notably, the value of Tokocrypto’s TKO coin more than doubled after news of the exchange being acquired by Binance spread, before adjusting at the time of update.

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