The embattled privacy coin TORN, governance token for the Tornado Cash mixing protocol, lost over half its value following crypto exchange Binance’s November 26th announcement that it will delist the asset.
TORN plunged from $3.90 to $1.66, a 57% single-day wipeout, as traders reacted to news that the world’s largest exchange will cease TORN deposits on December 8 and end withdrawals next March.
Keypoints
- Tornado Cash token TORN fell 57% after Binance announced it will delist the coin
- Binance to stop TORN deposits on Dec 8 and withdrawals on March 7, 2024
- Tornado Cash is a crypto mixing protocol sanctioned by US for alleged money laundering
- Binance claims it delisted TORN because it no longer meets listing standards
- Drop coincided with Binance’s admission it served some US customers without license
Tornado Cash provides transaction mixing services to obscure the flow of funds on the blockchain, promising…
