The crypto market as it is known is currently in a worrying phase for many. Waima so in the middle of the situation there are parties who live it as usual. Binance is taking advantage of the current market conditions to expand into the Asian market by acquiring its third licensed crypto exchange.
Earlier this week, Binance confirmed that it became the majority shareholder of Indonesian cryptocurrency exchange Tokocrypto, appointing a new CEO following the resignation of Pang Xue Kai, its founder and now former CEO.
Another report stated, Binance plans to gradually acquire all Tokocrypto shares to operate legally in Indonesia as the exchange has all regulatory permits from the Commodity Futures Trading Regulatory Agency (BAPPEBTI).
It is worth mentioning that Binance has invested in Tokocrypto since 2020, so it has a long and close relationship with the Indonesian exchange. Pang Xue Kai, who will be a member of Tokocrypto's Board of Commissioners, praised Binance's acquisition, noting that the Asian giant has contributed a lot to help Tokocrypto enter the Indonesian digital market.
"Tokocrypto was the result of our idea more than four years ago and I am very proud to see every growth, achievement and contribution the company has made to advance Indonesia's digital economy."
Pang Xue Kai added that this decision was the result of long consideration and was made "carefully" taking into account the future of the exchange to take advantage of all the growth opportunities that Binance can offer to build an additional physical trading platform for crypto-assets.
Yudhono Rawis, interim CEO of Tokocrypto, regretted that they had to downsize the company's team but insisted that it was the best decision to overcome the challenging macroeconomic conditions affecting the global market.
It looks like Binance is expanding its colonization into the Asian market by acquiring other crypto exchanges, and avoiding the unfortunate events that befell Three Arrows Capital, Voyager Digital, FTX, and Alameda Research.
Additionally, Binance's latest acquisition in Asia is Sakura Exchange BitCoin (SEBC), a Japanese exchange regulated by Japan's Financial Services Agency (FSA). Japan also banned Binance four years ago.
