- TORN, the governance token of the Ethereum-based coin mixing protocol Tornado Cash, lost more than half of its value within just an hour on Monday after Binance said it would delist the token.
- Following the massive crash, the token briefly regained some if its losses, before sellers once again took control, sending it to lows of around $1.6, or almost 60% below the pre-announcement price.
- In its announcement, Binance said the delisting follows a standard periodical review of listed assets “to ensure that it continues to meet the high level of standard we expect.”
- Trading on Binance in the TORN/BUSD pair currently makes up more than 57% of the trading volume in TORN, and the delisting is therefore significant for the overall liquidity of the token.
- The announcement from Binance came shortly after Richard Teng took over for Changpeng Zhao (CZ) as CEO of the exchange and vowed to make Binance compliant with regulations around the world.
- Tornado Cash, the coin mixing service, has received negative news coverage due to its popularity among hackers and cybercriminals, and has been sanctioned by the US Treasury Department for laundering funds for malicious cyber actors.
TORN, the governance token of the Ethereum-based coin mixing protocol Tornado Cash, suffered a significant loss in value after Binance announced it would delist the token. The token lost more than half its value within just an hour, dropping from around $4 to $1.95. The price briefly recovered before dropping again to around $1.6. Binance stated that the delisting follows a standard review of listed assets to ensure they meet high standards. The delisting is significant for the liquidity of the token, and it may lead to delistings from other exchanges. The announcement came after Richard Teng took over as CEO of Binance and vowed to focus on regulatory compliance. Tornado Cash has faced criticism for its use by hackers and cybercriminals, and it has been sanctioned by the US Treasury Department for failing to impose controls to prevent money laundering.
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