Tornado Cash Plunges 56% After Binance Says It Is Delisting Token

Tornado Cash fell 56% on Monday after Binance, the world's largest cryptocurrency exchange, said it would delist the token.

The token fell from nearly $4.00 to $1.66 at 2:55 p.m. ET, according to CoinGecko .

“We periodically review each digital asset we list to ensure it continues to meet the high level of standards we expect,” Binance said in the post. “When a coin or token no longer meets this standard, or the industry changes, we conduct a further review and potentially delist it. We believe this better protects all of our users.”

Binance said it plans to delist Tornado Cash along with BitShares, PERL.eco and Waltonchain tokens on December 7. BitShares fell about 44% and Waltonchain fell about 59% on Monday. PERL.eco also fell 59%, according to CoinGecko.

Tornado Cash co-founder Roman Storm pleaded not guilty in a New York district court in September after he and fellow co-founder Roman Semenov were charged ​​with conspiracy to commit money laundering. Prosecutors called Tornado Cash “an infamous cryptocurrency mixer that laundered more than $1 billion in criminal proceeds and violated U.S. sanctions.”