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Binance Eyes Acquisition of Indonesian Exchange Tokocrypto in Latest Asia Expansion
Published Dec 07, 2022 09:00AM ET
Updated Dec 07, 2022 10:30AM ET
Binance Eyes Acquisition of Indonesian Exchange Tokocrypto in Latest Asia Expansion
- Binance is in talks with Indonesian crypto exchange Tokocrypto about a potential acquisition deal.
- Binance invested in Tokocrypto two years ago. At the time, it was the only regulated exchange in Indonesia.
- If the deal is successful, reports say that Tokocrypto CEO Pang Xue Kai will do a round of layoffs and step down.
- This is Binance’s second acquisition in Asia in the last month. The company also recently acquired the Japanese exchange Sakura Exchange Bitcoin.
Binance, the world’s largest cryptocurrency exchange, is in talks with Indonesian exchange Tokocrypto about a potential acquisition of the company, according to a report by Tech in Asia.
Tokocrypto CEO Pang Xue Kai will reportedly step down if the deal is successful. Xue Kai announced in September that the exchange is laying off 20% of its headcount. Reports say that if Binance acquires the exchange, the company will announce more layoffs.
Binance is already familiar with Tokocrypto. Changpeng Zhao’s exchange invested in the company two years ago when it was Indonesia’s only regulated crypto exchange.
Tokocrypto’s native token TKO jumped by more than 62% on the news. It’s currently trading at $0.46, 90% down from its all-time high of $4.91, according to data from CoinGecko.
Binance’s intent to acquire Tokocrypto is its latest move toward expanding its presence in Asia. The exchange recently bought Sakura Exchange Bitcoin, a regulated Japanese exchange, in an attempt to reenter the Japanese market.
In November, Binance announced that it secured a crypto custody license in Abu Dhabi that will allow it to provide custody of digital assets to institutional clients in the UAE’s capital. Binance also holds a virtual asset license from Dubai’s Virtual Asset Regulatory Authority (VARA).
Binance operates legally in more than ten countries worldwide, including Italy, New Zealand, Poland, Lithuania, and the United States, where it operates as a separate entity called Binance.us. It received various licenses in Spain, Kazakhstan, Bahrain, and France this year.
On the Flipside
- Binance and Japanese regulators have had a beef for quite some time. It’s unclear how regulators will look at this acquisition if it’s successful.
- Binance is under investigation in the U.S. by the Justice Department over money laundering suspicions.
- Binance is banned in China and has also been ordered to stop all activities in the United Kingdom.
Why You Should Care
Binance is the largest centralized cryptocurrency exchange in the world. Its decision to expand into Asia indicates the exchange has big ambitions despite the current bear market.
You Might Also Like:
Binance Expansion Continues as Exchange Secures Crypto Custody License in Abu Dhabi
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