Tornado Cash Nose Dives 55% After Binance Announces TORN Cancellation
The price of Tornado Cash (TORN) fell sharply on Monday afternoon, dropping 55% to $1.64 from near $4.00. The decline followed Binance's announcement that it would list TORN, WTC, PERL and BTS. Binance last week reached a $4.3 billion settlement with US authorities and former CEO Changpeng Zhao stepped down.
Tornado Cash (TORN) plunged 55% in price on Monday as the market reacted to Binance news surrounding the token's recent listings. At the time of writing, Torn was trading at $1.70, down from close to $4.00 earlier in the day.
According to data from CoinGecko, the Tornado Cash token has dropped to $1.64 on major crypto exchanges.
Binance to cancel TORN
On Monday, Binance announced that the exchange Tornado Cash (TORN) BitShares (BTS), PERL.eco (PERL) and Waltonchain (WTC) will be canceled. The crypto platform plans to cancel trading pairs for BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, WTC/USDT.
The market's immediate reaction was that the value of the above tokens fell significantly. Binance's announcement said:
“At Binance, we regularly review every digital asset we list to ensure that it continues to meet our high standards. If a coin or token no longer meets this standard or the industry changes, we will conduct a more thorough review and cancel it. We believe this will better protect all of our users.”
According to their latest review, they have “decided to cancel and stop trading on all trading pairs” for the listed tokens. The details will be on December 7, 2023 at 3:00 (UTC). The exchange
Also Tornado, Waltonchain, PERL.eco and BitShares prices dropped 56% to $0.075. 54% to $0.0077; and 47% to $0.0057 respectively.
The US Treasury's Office of Foreign Assets Control (OFAC) has approved a crypto-mingling service.
Meanwhile, Binance has agreed to a $4.3 billion settlement with US authorities for various sanctions violations. Former Binance CEO Changpeng Zhao has stepped down.
