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Binance has acquired Tokocrypto, an Indonesian cryptocurrency trading company in which they have held a significant investment since the beginning.
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According to officials, this decision has been taken after much thought.
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The parties agreed that the best approach for TocoCrypto was to use Binance's capabilities to establish a new physical trading platform for cryptocurrencies.
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This change will increase funds and increase Binance's shareholder control.
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The nation's commodities regulator, Bappebti, has granted its first licence to a cryptocurrency trader in Indonesia, Tokocrypto. According to the company, Tokocrypto's branding won't alter.
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The uncertain macroeconomic environment, according to Tokocrypto's CEO Yudhono Rawis, would necessitate a downsizing of the company.
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A staffing adjustment of around 58% is anticipated, according to Rieka Handayani, vice president of corporate communications for the exchange.
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Customers may transfer, request, and receive cryptocurrencies with quick settlement and no costs thanks to the company's recently launched Pay service in the US.
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Outside of the United States, the function has previously been used.
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When cryptocurrency trading volumes are at 2-year lows, Binance recently lowered trading costs for ethereum (ETH) and bitcoin (BTC) in an effort to draw in more users.
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