Tornado Cash Crashes Over 50% Following Binance Delisting

Tornado Cash has crashed following an announcement by Binance that it will delist the token.

In a post on Twitter, Binance revealed it will delist BitShares (BTS), Perl.eco (PERL), Waltonchain (WTC) and Tornado Cash (TORN) on 7 December.

Each of the four coins experienced a decline of over 40% since the announcement. Tornado Cash fell to as low as $1.66, marking a 57% drop from its pre-announcement price.

The world's largest crypto exchange will cease accepting deposits of the token on 8 December and will no longer process withdrawals from 7 March 2024.

Torando Cash has been facing sanctions from the United States Office of Foreign Asset Control since August 2022 for alleged involvement in money laundering. The crypto mixer was even allegedly tied to North Korean cybercrime groups.

In August 2023, Tornado Cash co-founders Roman Storm and Roman Semenov were charged by the U.S. Department of Justice for conspiring to commit money laundering, sanctions violations, and other financial crimes.

Binance did not say why Tornado Cash was specifically delisted from the platform but it 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."

The crypto exchange has been cleaning up since its $4.3 billion fine. Richard Teng, Binance's new CEO, has vowed to "engage in a meaningful conversation with global policymakers, to ensure crypto investors remain confident in the industry’s future."