Founded in early 2018, Tokocrypto aimed to drive adoption and further the accessibility of cryptocurrency in Indonesia through its exchange and services. Early backers in the company’s seed funding round included Singapore-based digital asset trading and investment firm, QCP Capital.
In 2019, Tokocrypto achieved a major achievement when it became the first cryptocurrency exchange to be regulated by the Indonesian Commodity Futures Trading Regulatory Agency (BAPPEBTI). In August 2022, the Indonesian Commodity Futures Trading Regulatory Agency announced the suspension of the registration of cryptocurrency exchanges.
In 2020, Binance started its first investment in Tokocrypto. At the time, Pang Xue Kai, Co-Founder, and CEO of Tokocrypto said, “This investment from Binance in Tokocrypto serves to validate Indonesia’s promising blockchain ecosystem, showcasing the confidence from a leading global player. The investment from Binance will help establish Tokocrypto’s leading services in the Indonesian market and accelerate our vision in bringing an open financial ecosystem through blockchain technology.” Changpeng Zhao (CZ), Founder and CEO of Binance, stated that “with fast technology adoption, strong economic growth, and the world’s fourth-largest population, Indonesia will become one of the leading centers of the blockchain ecosystem in Southeast Asia. Our investment in Tokocrypto will allow us to explore exciting new opportunities together for the Indonesian market with a regulated local partner to further enable the freedom of money.” Source tokocrypto.com
announced in a tweet the acquisition of TokoCrypto
Since Binance has totally acquired TokoCrypto, CoinMarketCap reported that Tokocrypto-backed tokens experienced a 23% increase in value in four hours up to 8:30 p.m. in Hong Kong.
Yudhono Ravis will take over as the interim CEO of the company, replacing its founder and CEO Pang Xuekai. Pang will still be a part of the Tokocrypto committee
Binance has acquired Tokocrypto while experiencing a record net outflow of over $3.6 billion last Tuesday. Mazars, the firm which issued Binance’s proof-of-reserve report, announced it would no longer be working with Binance and other cryptocurrency exchanges.