Binance will officially delist Tornado Cash (TORN), BitShares (BTS), PERLeco (PERL), and Waltonchain (WTC) from Dec 7, 2023, because they no longer meet the exchanges’ requirements. Following the announcement, the governance token of crypto mixing service Tornado Cash, TORN, has dropped more than 50% over the past 24 hours.
Tornado Cash is a crypto mixing service and TORN is used to vote on proposals for upgrading the protocol. From Nov 27 to 28, this token dumped sharply, from $3.9 to $1.66 or 57% loss of value. The drop comes after the world’s largest crypto exchange by volume, Binance, announced that it will stop accepting TORN deposits on Dec 8. Withdrawals of TORN are expected to be suspended on Mar 7, 2024 at 03:00 (UTC).
In its announcement, Binance said it delisted TORN because the token no longer met the standards for listable assets: “At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. 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.”
On Aug 8, Tornado Cash was sanctioned by the US Office of Foreign Assets Control for allegedly laundering money for North Korean hackers. US users are also prohibited from interacting with this crypto mixing service. Meanwhile on Nov 21, the US Department of Justice announced that it had reached a plea agreement with Binance, in which Binance admitted that it had served some US customers without having a license to do business in the country.