Crypto exchange major Binance has sealed the acquisition of crypto trading firm Tokocrypto.
Binance has always held a majority of the company’s shares, Binance CEO Changpeng "CZ" Zhao confirmed in a tweet.
As part of the deal, Tokyocrypto CEO will be stepping down from his position but will remain on the board.
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.
The exchange’s VP of Corporate Communications, Rieka Handayani, said that an “employee adjustment of around 58%” is expected.