Binance has completed the acquisition of Tokocrypto, a cryptocurrency exchange located in Indonesia. According to a report from Coindesk Indonesia, the international cryptocurrency company said that it intends to progressively increase its ownership in Tokocrypto to virtually 100%.

In 2019, Tokocrypto was the first cryptocurrency trading platform in Indonesia to get regulatory approval. The Indonesian Commodity Futures Trading Regulatory Agency made the decision to stop requiring cryptocurrency exchanges to register in August of 2022.

Because of the unpredictability of the financial environment, Yudhono Rawis, who is serving as temporary CEO of Tokocrypto, said that the firm would need to participate in downsizing. According to Rieka Handayani, Vice President of Corporate Communications for the exchange, a staff adjustment of around 58 percent is anticipated.

Pang Xue Kai, CEO & Co-founder of Tokocrypto, said:

“Tokocrypto came from our brainchild more than four years ago. I am very proud to see every growth, slogan, and contribution the company has made to advance Indonesia’s digital economy. This decision was made after careful consideration.”

He added that Tokocrypto has concluded that using Binance’s resources to create a second physical trading platform for cryptocurrencies is the best course of action moving ahead.

In the year 2020, Binance made an investment in Tokocrypto. It is anticipated that Binance would be able to boost its operations in Indonesia as a result of the transaction, given that the newly acquired exchange already has a crypto license in the country.

On December 13, the biggest cryptocurrency platform in the world reported a net outflow of more than $3.6 billion dollars. On Friday, auditing company Mazars said that it will cease cooperating with cryptocurrency exchanges, including Binance, effective immediately. Mazars was the company that provided Binance’s proof-of-reserve report.