The governance token for crypto mixer Twister Money, TORN, has fallen by over 50% since Nov. 26, in keeping with information from CoinGecko. The crash got here on the identical day that crypto alternate 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 alternate by quantity, Binance, announced that it could cease accepting deposits of TORN on Dec. 8 and not course of withdrawals after March 7, 2024.
On Aug. 8, Twister Money was sanctioned by the USA Workplace of Overseas Asset Management for allegedly facilitating money 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 enable U.S. residents to make use of its alternate. However on Nov. 21, the USA 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 nation.
In its announcement, Binance mentioned it delisted TORN as a result of the token not meets its commonplace for listable property, primarily based on quite a lot of components. “At Binance, we periodically assessment every digital asset we listing to make sure that it continues to satisfy the excessive stage of ordinary we anticipate,” the Binance staff said. “When a coin or token not meets this commonplace, or the business adjustments, we conduct a extra in-depth assessment and probably delist it.”
