Binance Set to Delist Tornado Cash (TORN) As Value Drops Over 50%

Binance Set to Delist Tornado Cash (TORN) As Value Drops Over 50%

By: Isha Das

Major cryptocurrency exchange, Binance, recently announced it plans to remove Tornado cash’s native token, TORN, from its listing as of November 27, prompting a rapid decrease in the token’s value. Binance will begin to phase out TORN starting December 7, stop crediting deposits on December 8, and disable withdrawals after March 7, 2024.

Tornado Cash, a cryptocurrency mixing protocol, saw its governance token drop from $3.90 to as low as $1.94 in just one hour, hitting a 55.6% loss after the initial drop and a 53.2% loss over 24 hours. The value of TORN stood at $1.73 as of 9:00 PM UTC on November 27.

Although Binance didn’t disclose specific reasons for the delist, it's known that Binance reviews listings periodically and considers several factors. Tornado Cash had previously been sanctioned by the U.S. Treasury in August 2022 for its use in money laundering schemes, including those by North Korean cybercrime groups. Notably, TORN token was not sanctioned, but specific addresses associated with the project were which may have influenced Binance's decision.

Get In Touch

[email protected]

Follow Us

© BlockBriefly. All Rights Reserved.