The crypto winter is proving to be unbearable for some, but other businesses enjoy the cold weather. Binance is taking advantage of the current market conditions to expand into the Asian market by acquiring its third licensed crypto exchange.
This Dec. 19, Binance confirmed that it became the majority shareholder of Indonesian cryptocurrency exchange Tokocrypto, appointing a new CEO following the resignation of Pang Xue Kai, its founder and now former CEO.
As reported by CNBC Indonesia, Binance plans to acquire all of Tokocrypto’s shares in a phased manner to operate legally in the country, as the exchange has all regulatory permits from the Commodity Futures Trading Regulatory Agency (BAPPEBTI).
It is worth mentioning that Binance has been investing in Tokocrypto since 2020, so it had a long and close relationship with the Indonesian exchange.
The Best Outcome for Tokyocrypto
Pang Xue Kai, who will become a member of Tokocrypto’s Board of Commissioners, praised Binance’s acquisi
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