Tornado Cash fell 56% on Monday after Binance, the world’s largest cryptocurrency exchange, announced it would delist Tornado Cash.
The token plunged from about $4.00 to $1.66 at 2:55 PM ET, according to CoinGecko.
“We regularly review each digital asset we list to ensure that it continues to meet the high standards we expect,” Binance said in a post. “If a coin or token no longer meets these standards or the industry changes, we will conduct a more in-depth review and potentially delist it. We believe this best protects all users.”
Binance said it plans to delist Tornado Cash along with BitShares, PERL.eco, and Waltonchain tokens on December 7. BitShares was down about 44% on Monday, while Waltonchain was down about 59%. PERL.eco also According to CoinGecko, it is down 59%.
Tornado Cash co-founder Roman Storm pleaded not guilty in New York District Court in September. After he and fellow co-founder Roman Semenov were indicted on money laundering conspiracy charges. Prosecutors called Tornado Cash a “notorious cryptocurrency mixer who laundered more than $1 billion in criminal proceeds and violated U.S. sanctions.”
Last week, Binance agreed to a historic settlement with U.S. authorities that saw the cryptocurrency exchange pay $4.3 billion in fines and forfeitures after pleading guilty to felonies related to violating the Bank Secrecy Act. New Binance CEO Richard Teng outlined his vision for the cryptocurrency exchange on Monday, focusing on his commitment to regulatory cooperation.
Tornado Cache Approval
Last year, the Office of Foreign Assets Control (OFAC) under the U.S. Treasury designated Tornado Cash as a risky asset. approved An entity that prohibits both It prohibits people in the United States and companies wishing to do business in the United States from engaging in financial interactions with open source software. Tornado Cash can be used to anonymize transactions on the Ethereum blockchain.
Some cryptocurrency advocates have criticized U.S. authorities for targeting Tornado Cash.
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