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Cryptocurrency exchange Binance had committed to taking significant steps on the platform following an agreement with the United States Department of Justice. The cryptocurrency exchange Binance announced on November 27 that Tornado Cash’s native token TORN would be delisted on December 7. It is speculated that this move is directed towards the crypto mixer Tornado Cash, which is under sanctions by the US. Following the announcement, the price of TORN fell by 42%.
What Awaits Binance?
This decision, which has been a topic of discussion in crypto communities, has been linked by analysts to Binance’s agreement to pay a record $4.3 billion fine for charges against the exchange last week. Clara Medalie, the growth director at Kaiko Research, stated in her comment:
“Binance, after the Justice Department agreement, is under significant pressure to clean up internal conflicts, and I believe this also includes token listings. Tornado Cash is a sanctioned entity, so keeping its token listed could worsen the exchange’s already troubled relationship with US regulators.”
The US Treasury Department added Tornado Cash to its sanctions list in August 2023, claiming that the protocol was used by cybercriminals and money launderers, including the North Korean hacker group Lazarus Group.
Binance’s Noteworthy Delisting Move
Binance, in its announcement on November 27, decided to delist not only TORN but also BitShares, PERL.eco, and Waltonchain tokens, and did not provide any details in the shared announcement about why this decision was made. Exchange officials only commented:
“We periodically review each crypto asset we list to ensure it continues to meet the high standard level we expect. When a token no longer meets this standard or industry conditions change, we perform a deeper review and potentially remove it from the list. We believe this best protects all our users.”
While TORN is not necessary to transact on the Tornado Cash platform, the token is used for voting on proposals by the protocol’s governance forum. According to price analysis platform CoinGecko, Binance accounted for 66% of TORN’s trading volume in the last 24 hours.
- Binance delists TORN amidst regulatory heat.
- TORN price drops following delisting news.
- Binance seeks to meet high standard levels.
