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Tornado Cash Token Plummets 57% Following Binance Delisting Announcement

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The governance token for Tornado Cash, TORN, has experienced a significant decline of over 50% since November 26, coinciding with Binance's announcement of the token's delisting. Tornado Cash, a cryptocurrency mixing protocol, utilizes TORN for voting on protocol upgrades. The token's value dropped from $3.90 to $1.66, marking a 57% decrease from November 26 to 27. Binance, the world's largest crypto exchange, declared it would cease accepting TORN deposits on December 8 and halt withdrawals after March 7, 2024. Tornado Cash had previously faced sanctions from the U.S. Office of Foreign Asset Control on August 8, restricting its use by U.S. residents due to alleged money laundering facilitation.