Backed by Binance, Indonesian exchange Tokocrypto considers growth after Binances acquisition.
CEO Pang Xue Kai steps down, replaced by interim CEO Yudhono Rawis; the workforce is streamlined by 58% for enhanced focus.
Rawis aims for gradual fee adjustments to balance sustainability and market conditions, while Tokocrypto secures licenses in Indonesia.
Tokocrypto, an Indonesian cryptocurrency exchange operating under Binance, is engaging in discussions with investors as it looks to broaden its business horizons, according to a Liputan6 report.
Having been officially acquired by Binance last year, Tokocrypto is now witnessing significant transformations. CEO Pang Xue Kai is set to step down, making way for Yudhono Rawis to take on the role of CEO. Moreover, as part of the strategic shift, approximately 58% of Tokocryptos workforce has been streamlined, refocusing on core exchange operations while sidelining non-exchange business activities.
The Head of the Commodity Futures Trading Supervisory Agency (Bappebti), Didid Noordiatmoko, has hinted at potential additional costs arising following the launch of the Indonesian Crypto Exchange. In response, Yudhono Rawis expressed his hope for minimal and gradual fee increments in order to balance financial sustainability with customer satisfaction.
“At the start, it wont be an immediate burden. There will be stages; as the exchange matures, fees can potentially increase,” stated Yudhono during the Tokocrypto Media Gathering event.
Yudhono outlined two possible courses of action to address these supplementary costs: they could either be absorbed by the exchange or passed on to the customers. He also underscored the importance of favorable crypto market conditions in managing potential fee adjustments.
Furthermore, Binances entry into the Indonesian market in 2020 marked a milestone. The investment in Tokocrypto, a “compliant” local exchange, bore fruit with the receipt of its initial license from Indonesian regulators.