As representatives say, the decision was made after careful consideration. The parties decided that the best step for Tokocrypto going forward is to utilize Binance's capabilities to build a further physical trading platform for crypto assets. This move adds more cash and increases Binance’s shareholding power.
Tokocrypto is the first crypto asset trader in Indonesia that is regulated by Bappebti, the country’s commodity regulator. The company confirmed that the Tokocrypto branding will remain the same.
Yudhono Rawis, Tokocrypto’s interim CEO, said that given the uncertain macroeconomic conditions, the company will need to engage in downsizing. The exchange’s vice president of corporate communications, Rieka Handayani, said that an employee adjustment of around 58% is expected. Back in September the exchange had laid off 45 employees and spun off its community space and NFT marketplace because of the bear market.
TKO, Tokocrypto’s exchange token, went up 66% on the month when rumours first emerged about an acquisition, and again 40% up after the official acquisition.
The company has recently introduced its Pay service in US, allowing users to send, request and receive crypto with instant settlement and no fees. The feature has previously been available outside US.
Binance Pay allows users to send, request, and receive nearly 150 different crypto currencies from other users, enabling instant, zero-cost crypto transfers, as the company advertises. Binance recently eliminated trading fees for both bitcoin (BTC) and ethereum (ETH) to attract more users during a time when crypto trading volumes are at two-year lows.
Earlier in December Binance entered the Japanese market by acquiring Sakura Exchange BitCoin (SEBC). SEBC is a JFSA-registered crypto exchange that also offers consultation services in addition to its brokerage service. The exchange is based in Tokyo, and it supports 11 trading pairs at the time of writing.
By acquiring 100% of SEBC, Binance has entered the Japanese market as a Japan Financial Services Agency (JFSA) regulated entity. According to Binance, the company aims to support a responsible global environment for cryptocurrencies by providing Japanese-regulated services through SEBC.
At the end of November 2022, the company revealed it planned to commit USD 1 billion for a cryptocurrency recovery fund. The fund proposed by Binance would be used to establish an industry recovery initiative (IRI) to invest in companies from the digital assets sector, particularly those that will end up facing a liquidity crisis. Depending on the need, Binance also expressed its readiness to increase this commitment to USD 2 billion. Around 150 companies have already applied for support from the fund, Binance said, and crypto-native investment firms such as Jump Crypto, Polygon Ventures, and Animoca Brands have sent USD 50 million in commitments.
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