Binance Lays Off 58 Percent of Tokocrypto Employees

Binance has completed the Tokocrypto acquisition. Binance has laid off 58 percent of its staff after making changes to its Tokocrypto CEO. Binance’s Indonesian unit is making layoffs and replacing its top executive after taking almost complete control of the parent company. The dominant cryptocurrency exchange now owns almost 100 percent of PT Crypto Indonesia Berkat, known as Tokocrypto, the local unit said in an emailed statement on Tuesday. Binance CEO Changpeng Zhao confirmed the move in a post on social media on Monday. “Binance has been a majority shareholder in Toko since the beginning. We have simply injected more cash and slightly increased our shareholding,” Zhao wrote in the post. Tokocrypto spokesperson Rieka Handayani said that following the transaction, Yudhono Rawis will replace Pang Xue Kai as interim CEO of Tokocrypto to comply with local politics. The Indonesian unit is reducing its workforce by 58 percent to reduce costs and will halt diversification into unlisted businesses, according to the statement.