Binance raises stake in Indonesian unit Tokocrypto, to cut 58% of jobs

livemint.com:

The largest crypto exchange in terms of trading volume, Binance Holdings is trimming the workforce in its Indonesian unit namely PT Crypto Indonesia Berkat, known as Tokocrypto. The parent has now completed the full acquisition of Tokocrypto and furtheron is replacing CEO Pang Xue Kai. Yudhono Rawis will take charge as the interim CEO for now, while Binance will carry 58% job cuts. Binance chief Changpeng Zhao has also confirmed the transaction through Twitter.

On its website, Binance quoted CoinCu news stating that Binance has officially bought Tokocrypto. Now Binance holds 100% increasing its shareholding from earlier more than 51%.

Binance released an emailed statement on Tuesday over the development.

Binance quoted that Pang Xue Kai will remain a member of the Tokocrypto Board of Commissioners and will continue to give leadership support in his new role. Notably, Yudhono Rawis will take the role of interim CEO to comply with a domestic policy for appointing local leaders.

Tokocrypto’s VP of Corporate Communication, Rieka Handayani revealed that there is an employee adjustment of approximately around 58%. Also, the Indonesian unit will stop diversification into non-exchange businesses.

Zhao tweeted saying that Binance was the majority shareholder of Tokocrypto from the beginning. He added, "just injected more cash and increased our shareholding a bit."

Tokocrypto was founded in June 2017 with the aim to be Southeast Asia's leading exchange for digital assets by providing customers with an easy, simple, instant, and secure platform to transact with confidence. The company currently centers its operations in Jakarta, the capital city of Indonesia and one of the main business centers in the region.

Founded in 2017 by