- Tornado Cash (TORN) price plummeted 55% from near $4.00 to a low of $1.64 on Monday afternoon.
- This decline occurred after Binance announced that it would list TORN, WTC, PERL, and BTS.
- Binance agreed to a $4.3 billion settlement with U.S. authorities last week following the resignation of former CEO Changpeng Zhao.
Tornado Cash (TORN) slashed 55% of its price on Monday as the market reacted to Binance’s recent news of the token’s delisting. As of this writing, the price of TORN was $1.70, down from near $4.00 earlier in the day.
Tornado Cash tokens have been trading as low as $1.64 on major cryptocurrency exchanges, according to data from CoinGecko.
Binance delists TORN
On Monday, Binance announced that the exchange would delist Tornado Cash (TORN), BitShares (BTS), PERL.eco (PERL), and Waltonchain (WTC). The cryptocurrency platform plans to delist trading pairs for BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT.
Due to the market’s quick reaction, the prices of the above tokens plummeted. Binance’s announcement is as follows:
“At Binance, we regularly review each digital asset we list to ensure that it continues to meet the high standards we expect. 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 that coin or token. We believe this best protects all users..”
Based on a recent review, it said it had “decided to delist and suspend trading in all trading pairs” for its listed tokens. Delisting will take place at 3:00 UTC on December 7, 2023. exchange
In addition to Tornado, the prices of Waltonchain, PERL.eco and BitShares also fell 56% to $0.075. 54% ~ $0.0077; 47% ~ $0.0057 each.
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has approved cryptocurrency mixing services.
Meanwhile, Binance agreed to a $4.3 billion settlement with US authorities for various sanctions violations. Former Binance CEO Changpeng Zhao also resigned.