The governance token for crypto mixer Tornado Cash, TORN, has fallen by over 50% since Nov. 26, in keeping with knowledge from CoinGecko. The crash got here on the identical day that crypto change Binance introduced it was delisting the token.
Tornado Cash is a cryptocurrency mixing protocol, and TORN is used to vote on proposals for upgrading the protocol. From Nov. 26 to 27, the token took a nosedive, falling from $3.90 to only $1.66 — a decline of 57%. The value decline occurred because the world’s largest crypto change by quantity, Binance, announced that it will cease accepting deposits of TORN on Dec. 8 and now not course of withdrawals after March 7, 2024.
On Aug. 8, Tornado Cash was sanctioned by the United States Office of Foreign Asset Control for allegedly facilitating money laundering. This legally barred U.S. residents from utilizing the protocol.
Related: Blockchain Association files support in suit to lift Tornado Cash sanctions
Binance, in the meantime, initially claimed that it didn’t permit U.S. residents to make use of its change. But on Nov. 21, the United States Department of Justice introduced that it had reached a plea cope with Binance. As a part of the deal, Binance admitted that it had served some U.S. customers with out having a license to do enterprise within the nation.
In its announcement, Binance stated it delisted TORN as a result of the token now not meets its normal for listable property, based mostly on quite a lot of components. “At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect,” the Binance crew said. “When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it.”
