Binance, the cryptocurrency exchange, has declared the removal of the Tornado Cash token, resulting in a significant drop in its price.
At the time of publication, the Tornado Cash price has experienced a 50.76% decrease compared to its value just 24 hours prior.
Steep Decline in Tornado’s Price
Binance recently stated that crypto tokens undergo regular reviews to ensure compliance with standards. Although the specific reason for Tornado Cash’s removal was not provided, it was mentioned among several tokens that were delisted.
“At Binance, we periodically review each digital asset we list 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. We believe this best protects all our users.”
Read more: Top 8 Tornado Cash Alternatives
At the time of publication, Tornado Cash price is $1.81.
Tornado Cash Faces Challenges in Recent Times
It isn’t the first time that the price has experienced a steep decline in 2023.
On May 21, BeInCrypto reported that the TORN token dropped more than 30% after a malicious hacker hijacked its governance to steal over 480,000 from its vault.
Furthermore, it was alleged that the hacker dumped their profits from dumping TORN into the Tornado Cash mixer.
However, there has been controversies over Tornado Cash due to its frequent use by crypto hackers.
Meanwhile, in August 2022, The US Treasury’s Office of Foreign Asset Control (OFAC) sanctioned Tornado Cash.
Read more: Tornado Cash: Everything You Need To Know
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