Binance Eliminates Bad News, Finalizes Deals to Purchase Crypto Companies In Indonesia, Tokocrypto is officially a new owner. After investing for many years Clear layoff cards immediately 58%
spokesperson for Tokocrypto The leading cryptocurrency trading platform in Indonesia said so Binance Togo Crypto Company Acquisition Agreement Completed that after this Under the terms of the agreement, the company will lay off 58% of its workforce and CEO Pang Sue Kai will step down. but he will remain on the board of directors
Tokocrypto is considered a cryptographic company. The first in Indonesia to be regulated by Bappebti, the Indonesian Commodity Regulatory Commission.
Binance has been investing in Tokocrypto since 2020. Binance CEO Changpeng Zhao said that Binance has always been a major shareholder of Tokocrypto. But this is just an increase in investment and an increase in shareholding.
While Binance has already invested and acquired several such companies, such as India and Japan, to penetrate the cryptocurrency market. in that country
By early September, Tokocrypto had laid off 45 employees and dissolved some divisions such as NFT, marketplace and community space. due to market conditions As for the news of the closing of the deal, the company’s coin price jumped 40% immediately and has risen 60% since the news of the acquisition about a month ago.
Binance itself has been in turmoil over the past week due to a massive sell-off. This was a continuation of sentiment in the wake of FTX’s collapse, the company’s temporary suspension of USDC withdrawals, and was exacerbated by massive accounting firm Mazars Group announcing the suspension of services to clients involved in cryptocurrencies. These include Binance, KuCoin and Crypto.com.
Blockchain data company Nansen has released the data. Within 24 Hours of USDC Withdrawal Suspension Announced Last Week Binance Faces $1.9B Coin Withdrawals
The value marks Binance’s largest daily coin withdrawal. Since June 13, 2022, and still most of the money that flowed into the platform in the last 7 days (7 days money almost all withdrawn in one day)
