The governance token for crypto mixer Twister Money, TORN, has fallen by over 50% since Nov. 26, in response to information from CoinGecko. The crash got here on the identical day that crypto trade Binance introduced it was delisting the token.
Twister Money is a cryptocurrency mixing protocol, and TORN is used to vote on proposals for upgrading the protocol. From Nov. 26 to 27, the token took a nosedive, falling from $3.90 to only $1.66 — a decline of 57%. The value decline occurred because the world’s largest crypto trade by quantity, Binance, introduced that it could cease accepting deposits of TORN on Dec. 8 and now not course of withdrawals after March 7, 2024.
On Aug. 8, Twister Money was sanctioned by the US Workplace of International Asset Management for allegedly facilitating cash laundering. This legally barred U.S. residents from utilizing the protocol.
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Binance, in the meantime, initially claimed that it didn’t permit U.S. residents to make use of its trade. 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. clients with out having a license to do enterprise within the nation.
In its announcement, Binance mentioned it delisted TORN as a result of the token now not meets its commonplace for listable property, based mostly on quite a lot of elements. “At Binance, we periodically assessment every digital asset we checklist to make sure that it continues to satisfy the excessive stage of ordinary we count on,” the Binance group said. “When a coin or token now not meets this commonplace, or the trade adjustments, we conduct a extra in-depth assessment and probably delist it.”
