Binance delists BTS, PERL, TORN, WTC; TORN price drops 50%.

Samiksha

According to the announcement, Binance will delist tokens such as BTS, PERL, TORN, WTC on December 7th. The affected trading pairs include:
- BTS/USDT
- PERL/USDT
- TORN/BUSD
- WTC/BTC
- WTC/USDT

The specific schedule for delisting is as follows:
- Deposits will be halted at 11:00 AM Beijing time on December 8th.
- Withdrawals will be halted at 11:00 AM Beijing time on March 7th, 2024.
- After 11:00 AM on March 7th, wallet assets will be automatically converted to stablecoins.

Binance Earn, Loans, Gift Cards, Binance Pay, and Binance Robots will also cancel services related to the aforementioned tokens.

Tornado Cash (TORN) experienced a significant drop following the Binance announcement. The TORN/BUSD pair on Binance saw a staggering -56.8% decline, dropping from $4.04 to $1.7 at one point. As of the last check, the price is $1.93.

Tornado Cash is currently facing regulatory challenges, with one of its co-founders reportedly arrested by the U.S. Department of Justice in August. The charges include conspiracy to commit money laundering, conspiracy to violate sanctions, and conspiracy to operate an unlicensed money transmission business. Despite financial support from companies like Coinbase, efforts to challenge the sanctions listing have not resulted in favorable rulings. The presiding judge stated that Tornado Cash, with its founders, developers, and a DAO managing the platform, resembles an association that OFAC can legally designate for sanctions.

Isha000

There has been quite a significant drop.

Samiksha

Once it's listed, why would it be delisted just like that?

Ritu77

This time, it has indeed experienced a substantial decline.