Tornado Cash nosedives 55% after Binance announces TORN delisting

• Tornado Cash (TORN) price fell sharply on Monday afternoon, nosediving 55% from near $4.00 to lows of $1.64.
• The decline followed Binance’s announcement that it would list TORN, WTC, PERL and BTS.
• Binance agreed a $4.3 billion settlement with US authorities last week, with ex-CEO Changpeng Zhao stepping down.

Tornado Cash (TORN) shed 55% of its price on Monday as the market reacted to Binance news around the latest token delistings. At the time of writing, the price of TORN was $1.70, down from near $4.00 earlier in the day.

According to data from CoinGecko, the Tornado Cash token traded to lows of $1.64 across major crypto exchanges.

Binance to delist TORN

On Monday, Binance announced the exchange would be delisting Tornado Cash (TORN) BitShares (BTS), PERL.eco (PERL) and Waltonchain (WTC). The crypto platform has planned to delist trading pairs for BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, WTC/USDT.

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.”

It noted that based on their latest review, they had “decided to delist and cease trading on all trading pairs” for listed tokens. The delisting will occur on December 7, 2023 at 3:00 (UTC). The exchange 

As well as Tornado, the prices of Waltonchain, PERL.eco and BitShares dropped 56% to $0.075; 54% to $0.0077; and 47% to $0.0057 respectively.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the crypto mixing service. 

Meanwhile, Binance agreed to a $4.3 billion settlement with the US authorities for various sanctions violations. Former Binance CEO Changpeng Zhao also stepped down.