The native token of the Twister Money crypto mixer misplaced half its worth after a delisting announcement from crypto change Binance.
Posted November 28, 2023 at 12:31 am EST.
Crypto mixer Twister Money’s governance token TORN noticed a pointy decline in worth on Monday after crypto change Binance disclosed plans to delist the token.
#Binance will delist the next tokens on December 07, 2023.
Full particulars right here ⬇️https://t.co/0a1a1Zu8oS
— Binance (@binance) November 27, 2023
TORN dropped 50% from an intra-day excessive of $3.96 to just a little underneath $1.92 on the time of writing. At its all-time excessive in February 2021, TORN was buying and selling above the $436 mark.
“At Binance, we periodically evaluation every digital asset we listing to make sure that it continues to fulfill the excessive degree of normal we anticipate. When a coin or token not meets this commonplace, or the trade adjustments, we conduct a extra in-depth evaluation and doubtlessly delist it. We consider this finest protects all our customers,” stated the Binance workforce in a weblog publish explaining the choice.
Binance is at present within the scorching seat with regulators, with the change having just lately paid a $4.3 billion superb to the U.S. Division of Justice (DOJ) and its CEO Changpeng Zhao stepped down with orders to stay within the U.S. till his sentencing in February.
In the meantime, Twister Money has additionally been on the united statesauthorities radar for unfavourable causes, with the Treasury’s Workplace of International Belongings Management (OFAC) sanctioning the protocol for its use as a digital forex mixer that allegedly facilitates cash laundering.
The choice to delist TORN is hardly shocking given the protocol’s standing in regulators’ eyes, particularly contemplating the U.S. Securities and Trade Fee (SEC) continues to be in search of proof of FTX-style misconduct on Binance’s half related to commingling of buyer funds on the platform.