Tornado Cash Plummets 55% After Binance Announces TORN Delisting

11:26 pm
November 27, 2023
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summary:
Tornado Cash (TORN) faced a significant drop in price, plummeting 55% following the announcement from Binance regarding the delisting of TORN, WTC, PERL, and BTS. This is in the wake of Binance’s $4.3 billion settlement with US authorities and the resignation of its ex-CEO, Changpeng Zhao.

Tornado Cash (TORN) experienced a sharp decline in price on Monday, dropping by 55% from nearly $4.00 to a low of $1.64. This decline came shortly after Binance’s revelation that it would be delisting TORN, along with WTC, PERL, and BTS. According to CoinGecko, TORN traded at a low of $1.64 across major cryptocurrency exchanges.

Binance’s decision to delist TORN, as well as several other tokens, triggered a swift and substantial market reaction, causing the prices of these tokens to plummet. The exchange plans to delist trading pairs for BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT on December 7th, 2023 at 3:00 (UTC). The delisting follows the $4.3 billion settlement between Binance and US authorities for sanctions violations, prompting the resignation of former CEO Changpeng Zhao.

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On Monday, Binance announced the exchange would be delisting Tornado Cash (TORN) BitShares (BTS), PERL.eco (PERL) and Waltonchain (WTC). The swift reaction of the market saw prices of the above tokens plummet sharply. Binance’s announcement stated:

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. We believe this best protects all our users.”

FAQ

Why is Tornado Cash (TORN) facing a sharp price decline?

Tornado Cash (TORN) experienced a significant drop in price following Binance’s announcement regarding the delisting of TORN, WTC, PERL, and BTS. This decision led to a swift and substantial market reaction, causing the prices of these tokens to plummet.

What did Binance announce regarding the delisting of tokens?

Binance declared that it would be delisting Tornado Cash (TORN), BitShares (BTS), PERL.eco (PERL), and Waltonchain (WTC). Additionally, the exchange plans to delist trading pairs for BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT on December 7th, 2023 at 3:00 (UTC).

What prompted Binance’s decision to delist the tokens?

Binance periodically reviews each digital asset listed on its platform to ensure it continues to meet the expected high level of standards. If a coin or token no longer meets this standard or if there are industry changes, Binance conducts a more in-depth review and may potentially delist it to protect its users.


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