Binance Finalizes Acquisition of Indonesian Exchange Tokocrypto (TKO), Fires 58% of Employees
Binance has finalized the acquisition of Tokocrypto, a regulated crypto exchange in Indonesia.
Binance first invested in Tokocrypto in 2020. Changpeng Zhao said on Twitter that Binance “just injected more cash” and “increased our shareholding a bit.”
Tokocrypto CEO Pang Xue Kai has left the company. Before leaving, he fired 58% of the firm’s employees, a second job cut round this year for Tokocrypto.
Tokocrypto’s native token TKO pumped by 37% on the news but has since erased almost all gains.
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