Binance in talks to acquire Indonesian crypto exchange  Tokocrypto

Tokocrypto CEO Pang Xue Kai

By Tim Fries, Tokenist

6th December 2022 – (Jakarta) Binance is reportedly in talks to acquire Indonesian crypto exchange Tokocrypto, sending its native token surging over 53%.

Tokocrypto’s native token is up more than 53% following reports that Binance is in talks to acquire the Indonesian crypto exchange. Binance previously invested in Tokocrypto in 2020 to facilitate the company’s growth and gain exposure in the growing crypto market in Indonesia.

Toko Token, a crypto coin issued by crypto exchange Tokocrypto, jumped more than 53% Tuesday. The price surge comes after reports that Binance is negotiating to acquire the Indonesian crypto bourse.

Tokocrypto CEO Pang Xue Kai is set to step down from the top position if the deal gets done, according to Tech in Asia. The report also adds the crypto exchange is likely to announce layoffs if Binance completes the acquisition. Tokocrypto’s vice president of corporate communications said it could not comment on rumors.

“Tokocrypto’s focus is on building a sustainable business and actively continuing the development of the crypto asset industry which has grown significantly.”

Tokocrypto reduced its workforce by 20% in September due to turmoil in the broader crypto market. Cryptocurrencies have been trading at multi-year lows in recent months amid harsh macroeconomic conditions and the collapses of several crypto projects.