Binance Ousts Tokocrypto CEO and Is Cutting 58% of Jobs at Unit

Binance to gain almost 100% control after latest investment
Tokocrypto to replace CEO, reduce staff by 58% to cut costs

The Tokocrypto signage at the company's office in Jakarta.Photographer: Dimas Ardian/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Norman Harsono

December 20, 2022 at 5:49 AM UTC

This article is for subscribers only.

Binance Holdings Ltd.’s Indonesian unit is cutting jobs and replacing its top executive after the parent company took nearly full control over it.

The dominant cryptocurrency exchange now owns almost 100% of PT Crypto Indonesia Berkat, known as Tokocrypto, lifting its shareholding from more than 51% two years ago when the investment was first made, the local unit said in an emailed statement on Tuesday. Binance Chief Executive Officer Changpeng Zhao confirmed the move in a tweet on Monday.