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The governance token for crypto mixer Twister Money (TORN) has fallen by over 50% on Nov. 26-27, in line with information from Coingecko. The crash got here on the identical day that crypto change Binance introduced it was delisting the token.
Twister Money is a cryptocurrency mixing protocol. Its token, TORN, is used to vote on proposals for upgrading the protocol. On Nov. 26-27, the token took a nosedive, falling from $3.90 to simply $1.66, a decline of 57%. The value decline occurred because the world’s largest crypto change by quantity, Binance, announced that it’s going to cease accepting deposits of TORN on Dec. 8 and can now not course of withdrawals after March 7, 2024.
On Aug. 8, Twister Money was sanctioned by the US Workplace of International Asset Management (OFAC) for allegedly facilitating money laundering. This legally barred U.S. residents from utilizing the protocol.
Associated: Blockchain Association files support in suit to lift Tornado Cash sanctions
Binance initially claimed that it didn’t enable U.S. residents to make use of its change. However on Nov. 21, the US Division of Justice introduced that it had reached a plea cope with Binance. As a part of the deal, Binance admitted that it had served some U.S. customers with out having a license to do enterprise within the US.
In its announcement, Binance stated it delisted TORN as a result of the token now not meets its customary for listable belongings, based mostly on quite a lot of elements. “At Binance, we periodically evaluate every digital asset we checklist to make sure that it continues to fulfill the excessive stage of normal we anticipate,” the Binance group said. “When a coin or token now not meets this customary, or the business modifications, we conduct a extra in-depth evaluate and doubtlessly delist it.”
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