As we have also reported as Kriptokoin.com, rumors about Binance have been one of the most talked about topics in the crypto money markets in the past week. However, Binance continues its development work regardless of these rumors. According to the latest allegations, Binance has officially purchased the Indonesian cryptocurrency exchange Tokocrypto. Also, with the revelation of his claims, the exchange’s native token TKO made a huge splash. Here are the details…
Binance bought this cryptocurrency exchange
Almost every day, a new claim is made about the leading cryptocurrency exchange Binance. On December 6, TechInAsia made a news. The report said that Binance is about to acquire Indonesian cryptocurrency exchange Tokocrypto. The rest of the news came today. According to the news, Binance has officially acquired Tokocrypto. The news stated that the CEO of the Indonesian stock exchange, Pang Xue Kai, will step down. Yadhono Rawis will manage the process until the acquisition takes place. However, some of the employees of the exchange will be laid off.
Rieka Handayani, Tokocrypto’s Vice President of Corporate Communications, said in a statement that about 58% of the exchange’s employees were laid off. Also, after the news of the acquisition broke out, the exchange token TKO hit a huge hit. The TKO price has gained about 38.7 percent in the last 24 hours. However, its price is currently trading at $0.377849. Launched on April 7, 2021, TKO has a total supply of 500 million, 75 million of which are on the market. TKO gained 5,000% on its listing. However, its price had risen as high as $5.
Binance’s CEO makes a show of strength
A big FUD about Binance has started, especially through social media channels. The rumors made investors very nervous. In fact, Binance has experienced significant cash outflows. The exchange said there were no problems with investor assets and liquidity. In his statement, CZ explained that they are the pioneers of the industry and they stand firm. However, he reminded that despite laying off workers from all cryptocurrency firms, Binance continues to recruit. Following these statements, the news of the Indonesian stock exchange was seen as a show of strength by CZ.
Binance is expected to increase its stake in TokoCrypto to 100% and further strengthen the stock market with new management. TokoCrypto is Indonesia’s first licensed, regulated cryptocurrency exchange. Yudhono Rawis said in a statement on the subject:
We will focus on streamlining operations and improving the performance of Tokocrypto’s crypto asset trading platform. These transactions will be executed taking into account the volatile crypto market conditions. It is regrettable that we had to downsize the company to cope with uncertain macroeconomic conditions and to make sure we stay in a good position. We express our sincerest apologies to the affected employees.