Binance - Tokyocrypto
Dec 19, 2022
The crypto winter is proving unbearable for some, but other companies are enjoying the cold weather. Binance is taking advantage of current market conditions to expand into the Asian market by acquiring its third licensed crypto exchange.
On December 19, Binance confirmed that it became the majority shareholder of the Indonesian cryptocurrency exchange Tokocrypto and appointed a new CEO following the resignation of Pang Xue Kai, its founder and now former CEO.
As reported by CNBC Indonesia, Binance plans to acquire all the shares of Tokocrypto gradually in order to operate legally in the country, as the exchange has all regulatory permits from the Commodity Futures Trading Regulatory Agency (BAPPEBTI).
It is worth mentioning that Binance has been investing in Tokocrypto since 2020, so it had a long and close relationship with the Indonesian exchange.
The best result for Tokyocrypto
Pang Xue Kai, who will become a member of Tokocrypto's Board of Commissioners, praised the Binance acquisition, stating that the Asian giant has contributed a lot to helping Tokocrypto enter the Indonesian digital market.
"Tokocrypto grew out of our idea over four years ago and I am very proud to see every growth, achievement, and contribution the company has made to advance Indonesia's digital economy."
Pang Xue Kai added that this decision was made “carefully” with the future of the exchange in mind to take advantage of all the growth opportunities Binance can offer to build an additional physical trading platform for crypto assets.
Yudhono Rawis, the interim CEO of Tokocrypto, regretted having to reduce the company's team but stressed that it was the best decision to overcome the challenging macroeconomic conditions affecting the global market.
"It is unfortunate that we have had to downsize the company to ensure we remain in a good position to weather uncertain macroeconomic conditions and we extend our sincerest apologies to the affected employees."
Binance expands to the Asian market
Binance is diversifying into the Asian market by acquiring other cryptocurrency exchanges, avoiding the tedious licensing processes that have recently become more demanding following the bankruptcy of several cryptocurrency exchanges and investment funds, such as Three Arrows Capital, Voyager Digital, FTX, and Alameda Research. , Among many others.
In July 2021, the Malaysian Securities Commission banned Binance from operating in the country. Still, in March of this year, the CZ exchange acquired Mx Global, a company registered in Malaysia, allowing Binance to operate in that country legally.
As CryptoPotato reported, Binance's most recent acquisition in Asia was Sakura Exchange BitCoin (SEBC), a Japanese exchange regulated by the Japan Financial Services Agency (FSA). Japan also banned Binance four years ago.
