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The governance token for crypto mixer Twister Money (TORN) has fallen by over 50% on Nov. 26-27, in response to 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 only $1.66, a decline of 57%. The worth decline occurred because the world’s largest crypto change by quantity, Binance, announced that it’ll cease accepting deposits of TORN on Dec. 8 and can not course of withdrawals after March 7, 2024.
On Aug. 8, Twister Money was sanctioned by the USA 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 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 US.
In its announcement, Binance stated it delisted TORN as a result of the token not meets its commonplace for listable belongings, based mostly on quite a lot of components. “At Binance, we periodically assessment every digital asset we checklist to make sure that it continues to fulfill the excessive stage of ordinary we anticipate,” the Binance staff said. “When a coin or token not meets this commonplace, or the trade adjustments, we conduct a extra in-depth assessment and doubtlessly delist it.”
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