TORN Token Price Tanks 60% Following Binance Delisting News – Here’s What Happened

cryptonews.com:

TORN, the governance token of the Ethereum-based coin mixing protocol Tornado Cash, lost more than half of its value within just an hour on Monday after Binance said it would delist the token.

From trading at a price right around $4 at 6 am UTC time on Monday, TORN one hour later had collapsed to $1.95, a loss of around 52%.

Following the massive crash, the token briefly regained some if its losses, before sellers once again took control, sending it to lows of around $1.6, or almost 60% below the pre-announcement price.

In its announcement, Binance said the delisting follows a standard periodical review of listed assets “to ensure that it continues to meet the high level of standard we expect.”

“When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it,” the statement added.

#Binance will delist the following tokens on December 07, 2023.