Binance to Delist Tornado Cash’s TORN Token
Binance, the popular crypto exchange, has announced that it will no longer support deposits and withdrawals of Tornado Cash’s native token, TORN. The delisting will take effect on December 7, 2023, as part of Binance’s review process. Additionally, BitShares (BTS), PERL.eco (PERL), and Waltonchain (WTC) will also be delisted.
Reasons for Delisting
Binance has not provided a clear reason for delisting these tokens but stated that they no longer meet its standards. Following this news, the price of TORN dropped by over 44% below $2.
Tornado Cash and Crypto Mixing
Tornado Cash is a decentralized protocol built on Ethereum that enhances transaction privacy by obscuring the link between sender and receiver addresses. It offers crypto mixing services where cryptocurrencies are pooled and scrambled from multiple users to anonymize transactions and hide their origin.
Recent Developments
Notably, Tornado Cash co-founder Roman Storm pleaded not guilty in September 2023 to charges related to money laundering illicit funds generated by North Korean hackers. This announcement from Binance comes shortly after its founder, Changpeng Zhao, pleaded guilty to violating US anti-money-laundering requirements and agreed to step down as the head of the exchange.
Hot Take: Impact of Delisting on TORN Token
The delisting of TORN by Binance has had a significant impact on its price, causing it to drop by more than 44%. This move raises questions about the future prospects of Tornado Cash’s native token and its ability to recover from this setback. It remains to be seen how the crypto community will respond to this development and whether alternative exchanges will continue to support TORN.
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