Tornado Cash Crashes After Binance Delisting
28 Nov, 2023 ● Coin news
According to data from CoinGecko, the governance token for the cryptocurrency mixer Tornado Cash, TORN, has dropped by more than 50% since November 26.
The token's delisting was announced by cryptocurrency exchange Binance on the same day as the crash.
The Tornado Cash protocol allows users to mix cryptocurrencies, and TORN is used to cast votes on updates to the protocol. The token plummeted from $3.90 to just $1.66 on November 26 and 27, a 57% decline.
The price drop coincided with Binance, the biggest cryptocurrency exchange in the world by volume, announcing that it would stop processing withdrawals after March 7, 2024, and stop accepting deposits of TORN on December 8.
According to Binance's announcement, it delisted TORN because the token no longer satisfies its requirements 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,” the Binance team said.
“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.”
Sources:
https://cointelegraph.com/news/tornado-cash-token-falls-binance-announces-delisting
