Binance ousts Tokocrypto CEO and is cutting 58% of jobs at unit

Binance Holdings Ltd.’s Indonesian unit is cutting jobs and replacing its top executive after the parent company took nearly full control over it.

The dominant cryptocurrency exchange now owns almost 100% of PT Crypto Indonesia Berkat, known as Tokocrypto, lifting its shareholding from more than 51% two years ago when the investment was first made, the local unit said in an emailed statement on Tuesday. Binance Chief Executive Officer Changpeng Zhao confirmed the move in a tweet on Monday.

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. – BLOOMBERG