Binance Announces Upcoming Delisting of Four Altcoins
On December 7, Binance revealed its plans to delist BitShares (BTS), Perl.eco (PERL), Waltonchain (WTC), and Tornado Cash (TORN), according to a post on X, previously known as Twitter.
Tornado Cash Token Decline Raises Questions Amid Regulatory Scrutiny
Recent statistics from CoinGecko confirmed that the Tornado Cash token plummeted to as low as $1.64, prompting concerns and inquiries into the factors contributing to this significant drop in value.
The US Office of Foreign Asset Control recently imposed sanctions on the Tornado Cash protocol, alleging its involvement in money laundering, thus attracting regulatory scrutiny. This led to accusations against the platform’s co-founders by the US Department of Justice.
Legal Ramifications Following Unauthorized Services To US Customers
The ban on US citizens using the Tornado Cash protocol, along with the legal implications of these actions, led to further turmoil in the regulatory environment. Additionally, Binance admitted to providing unauthorized services to certain US customers, exacerbating the situation surrounding the exchange.
In line with its assessment process for listed digital assets, Binance decided to remove Tornado Cash from its platform without providing a specific rationale. Changpeng Zhao, the founder of Binance, recently entered a guilty plea and resigned as the exchange’s CEO after admitting to violating US anti-money laundering regulations.
The Aftermath of Tornado Cash Delisting
Following the delisting announcement, the value of Tornado Cash, BitShares, Perl.eco, and Waltonchain fell by more than 40%, causing concern among traders. Binance also stated that it would no longer handle withdrawals for Tornado Cash after March 7, 2024.
Binance‘s Ongoing Evaluation Process
Binance reiterated its commitment to conducting periodic evaluations of every coin or token to ensure it meets the required standards. The exchange emphasized the need to protect the interests of its users through these reviews, which may lead to delisting if digital assets no longer meet the established criteria or if there are industry changes.
### News source: bitcoinist.com