After being expelled by Indonesian authorities, Binance can legally operate in Indonesia. While the crypto winter can be difficult for some, it is not unbearable to others. However, other businesses are enjoying the colder weather.
Binance plans to take advantage of the market conditions and expand into Asia by purchasing its third licensed cryptocurrency exchange.
Binance, which became the majority shareholder in the Indonesian cryptocurrency exchange Tokocrypto on Dec. 19, confirmed its decision to appoint a new CEO after the resignation of Pang Xue Kai (its founder and former CEO).
CNBC Indonesia reported that Binance intends to buy all Tokocrypto shares gradually to operate legally in Indonesia.
The exchange already has all regulatory permits from Commodity Futures Trading Regulatory Agency. It is important to mention that Binance has invested in Tokocrypto since 2020.
Binance had a long-standing and intimate relationship with the Indonesian exchange. Pang Xue Kai will be joining Tokocrypto’s Board of Commissioners. He praised Binance’s purchase, stating that the Asian giant had greatly contributed to Tokocrypto’s entry into the Indonesian digital marketplace.
Pang Xue Kai said that the decision was made “carefully” to ensure the future of the exchange. This is to make the most of all the growth opportunities Binance has to create a physical trading platform for crypto assets.
Yudhono Rawis was Tokocrypto’s interim CEO. He regretted reducing the company’s staff but said it was the right decision to address the difficult macroeconomic conditions affecting the global economy.