Binance acquires Indonesian exchange Tokocrypto! Lightspeed lays off 58% of employees and reduces the size of the company

According to a report on the Indonesian version of “Coindesk”, the cryptocurrency leader Binance confirmed that it has acquired Tokocrypto, an Indonesian cryptocurrency exchange, and will increase Binance’s stake in Tokocrypto to nearly 100% in stages, confirming the previous market rumors.

It is reported that Tokocrypto is the first local cryptocurrency trader registered with the Indonesian Commodity Futures Trading Regulatory Agency (BAPPEBTI), and has received investment from Binance since 2020. Not long ago, Binance also provided compliance services in Japan through the acquisition of a local exchange, and this acquisition of Tokocrypto may also mark the first time Binance has obtained an operating license in Southeast Asia.

The parties did not disclose the terms of the deal. According to an official press release, Tokocrypto CEO and co-founder Pang Xue Kai will resign from his position at TokoCrypto, retaining a seat on the board of directors and being replaced by Yudhono Rawis as interim CEO.

Yudhono Rawis pointed out that considering the turmoil in the cryptocurrency market, Tokocrypto will streamline operations and focus on improving the performance of the cryptocurrency trading platform:

As a leading cryptocurrency trader in Indonesia, Tokocrypto always strives to provide users with a trustworthy and reliable platform, and always prioritizes compliance with Indonesian regulations. Unfortunately, however, we have had to downsize our company to ensure we remain in a strong position in the face of general economic changes, and we sincerely apologize to those affected.

In this regard, Rieka Handayani, vice president (VP) of Tokocrypto’s corporate communications department, said that the layoffs are expected to be as high as 58%, and the future will focus on the exchange business, while business activities outside the exchange will be put on hold.