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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 trade 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 trade by quantity, Binance, introduced that it’ll cease accepting deposits of TORN on Dec. Eight and can 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 cash laundering. This legally barred U.S. residents from utilizing the protocol.
Associated: Blockchain Affiliation information assist in go well with to carry Twister Money sanctions
Binance 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 US.
In its announcement, Binance stated it delisted TORN as a result of the token not meets its commonplace for listable property, primarily based on quite a lot of elements. “At Binance, we periodically overview every digital asset we record to make sure that it continues to satisfy the excessive stage of normal we count on,” the Binance staff said. “When a coin or token not meets this commonplace, or the trade modifications, we conduct a extra in-depth overview and doubtlessly delist it.”
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