Binance was the majority shareholder of Toko from the beginning. Just injected more cash and increased our shareholding a bit. pic.twitter.com/NIeYYxzPdU
Following the move, Yudhono Rawis will be appointed as interim CEO at Tokocrypto, replacing Pang Xue Kai, to comply with a domestic policy to appoint local leaders, said Tokocrypto spokesperson Rieka Handayani.
The Indonesian unit is reducing its workforce by 58% to cut costs and will halt diversification into non-exchange businesses, according to the statement.
