Binance squashes bad news, closes deals to buy crypto firms In Indonesia, Tokocrypto is officially a new owner. After investing for many years Clear lay-off cards immediately 58%
Spokesperson of Tokocrypto The major cryptocurrency trading platform in Indonesia stated that it Binance Togo Crypto Company Acquisition Deal Completed which after this According to the terms of the deal, the company will lay off 58% of its workforce and CEO Pang Sue Kai will step down. but will remain on the Board of Directors
Tokocrypto is considered a crypto 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 in Tokocrypto. But this is only an increase in investment and an increase in shareholding.
While Binance has already invested in and acquired several such companies, such as India and Japan, to penetrate the crypto market. in that country
Earlier in 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 immediately jumped 40% and has soared 60% since the news of the acquisition about a month ago.
Binance itself has been in a turmoil over the past week due to a massive sell-off. This was a continuation of sentiment in the wake of the collapse of FTX, the company’s temporary suspension of withdrawals of USDC, and was compounded by the massive audit firm Mazars Group announcing the suspension of services to clients involved in cryptocurrencies. Cryptocurrency These include Binance, KuCoin and Crypto.com.
Blockchain data company Nansen released the data. Within 24 hours of last week’s USDC withdrawal suspension announcement Binance faces $1.9 billion in coin withdrawals
The value marks Binance’s largest daily coin withdrawal. Since June 13, 2022, and still the majority of the money that has flowed into the platform over the past 7 days (7 days of money has been withdrawn almost all within one day)