Binance Indonesian Takeover: Tokocrypto Layoffs Cause 58% Staff Reduction

Binance, one of the world's leading cryptocurrency exchanges, has acquired Indonesia's largest cryptocurrency exchange, Tokocrypto, and the integration has led to significant restructuring. Specifically, a concerning 58% of Tokocrypto's staff have been laid off amidst this transition. This news comes Amidst the chaos in the crypto market, a time when Binance was seen advancing and consolidating its position in key regions.

Just yesterday, the exchange went from partially investing in an Indonesian crypto platform to complete ownership. The Indonesian division of Binance Holdings Ltd. is laying off staff and replacing its chief executive after the parent company assumed nearly complete control. This reflects a strategic shift driven by Binance's vision for the Indonesian market.

According to ChainCatcher, Bloomberg reported that Binance, which already holds nearly 100% of the shares of Indonesian cryptocurrency trading platform Tokocrypto, is laying off a substantial portion of its workforce to streamline operations and align Tokocrypto with Binance's global strategy. The acquisition signifies Binance's commitment to the Indonesian crypto market, but also highlights the challenging decisions that often accompany such mergers.

Binance has completed its takeover of Tokocrypto, an Indonesian cryptocurrency exchange, marking a significant milestone in its expansion strategy. According to a report by Coindesk Indonesia, the multinational Binance has finalized the acquisition of Tokocrypto, a regulated crypto exchange in Indonesia. While the takeover provides Binance with a strong foothold in the Indonesian market, the consequent layoffs raise questions about the impact on the local workforce.

Binance first invested in Tokocrypto in 2025 (Note: 2025 likely a typo, contextually should be earlier - potentially 2020 or 2022, depending on source). Changpeng Zhao said on [insert quote or link here regarding the acquisition and future plans - this section requires more information to complete accurately, and the provided snippets did not contain a specific quote]. The future of Tokocrypto under Binance's complete control remains to be seen, but the initial layoffs indicate a period of significant change and restructuring.