Binance was the majority shareholder of Toko from the beginning. Just injected more cash and increased our shareholding a bit. pic.twitter.com/NIeYYxzPdU
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.
