Binance announces delisting of Tornado Cash, TORN plunges over 50%

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Binance Announces Delisting of Tornado Cash TORN

According to the announcement, Binance will delist tokens such as BTS, PERL, TORN, WTC on December 7. Affected trading pairs include:

• BTS/USDT

• PERL/USDT

• TORN/BUSD

• WTC/BTC

• WTC/USDT

The specific delisting schedule is as follows:

• Deposits will be suspended at 11:00 on December 8, Taipei time

• Withdrawals will be suspended at 11:00 on March 7, 2024, Taipei time

• Assets in wallets will be automatically converted to stablecoins after 11:00 on March 7

Binance Earn, Loans, Gift Cards, Binance Pay, and Binance Robots will also cease services for the mentioned tokens.

Tornado Cash TORN Plummets

Following the Binance announcement, the price of TORN plummeted on major exchanges.

TORN/BUSD on Binance experienced a sharp decline of -56.8%, dropping from $4.04 to $1.7 at one point, with the price at $1.93 at the time of writing.

Tornado Cash Faces Regulatory Challenges

One of the co-founders of Tornado Cash was reportedly arrested by the U.S. Department of Justice in August this year on charges including:

1. Conspiracy to commit money laundering

2. Conspiracy to violate sanctions

3. Conspiracy to operate an unlicensed money transmitting business

Despite funding from companies like Coinbase requesting a review by the court regarding Tornado Cash being sanctioned, no favorable decision has been reached. The presiding judge stated:

Behind Tornado Cash are founders, developers, and a DAO managing the platform, resembling more of an association, an entity that OFAC can designate for sanctions under the law.

Co-founder of Tornado Cash Arrested, U.S. DOJ: Indirectly Assisting North Korea in Nuclear Development