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Binance announced the acquisition of Indonesian crypto exchange Tokocrypto, CoinDesk reports.
Binance said that it will gradually increase its shareholding in Tokocrypto to almost 100%. Previously, Binance started investing in Tokocrypto in 2020. Tokocrypto is the first crypto exchange in Indonesia that is regulated by the country's regulation institution, BAPPEBTI.
Meanwhile, around 58% of Tokocrypto's employees were laid off. It will focus on business unit exchanges in the future.
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