Binance is negotiating to acquire the Indonesian cryptocurrency exchange Tokocrypto

ChainCatcher news, according to Tech in Asia, Binance is in talks to acquire the Indonesian cryptocurrency exchange Tokocrypto. Sources say that Tokocrypto CEO Pang Xue Kai will step down after the deal is completed, and Tokocrypto may also undergo layoffs following the acquisition.

In September 2022, Tokocrypto laid off 45 employees, accounting for about 20% of its total workforce. According to CoinGecko data, Tokocrypto's trading volume in the past 24 hours was approximately $7 million. Binance previously invested in Tokocrypto in 2020, and Tokocrypto has obtained approval from local regulators. (source link)