🌙 TORN Down 42%

Binance promised the US Department of Justice that it will clean up its act. Now it says it will delist sanctioned crypto mixer Tornado Cash’s token, TORN. The token fell 42% on the news.

Author

Mike Gavela
November 27, 2023

Crypto Roundup - Nov 27

Binance announced the delisting of Tornado Cash's token, TORN, causing a 42% drop in its value. This decision aligns with Binance's commitment to U.S. DOJ to clean up its operations following a $4.3 billion penalty for violating anti-money laundering laws. Meanwhile, the cryptocurrency XRP is close to surpassing Binance Coin (BNB) in market capitalization, with only a $2 billion gap. This potential shift comes amidst BNB's decline since its all-time high in November 2021 and XRP's steady recovery. Additionally, Richard Teng has stepped in as Binance's new CEO, bringing his regulatory experience to reposition the exchange amid legal challenges and the need to rebuild credibility with institutional investors.

Top Stories:

  • Binance Delists Tornado Cash Token: Binance's delisting of TORN follows a $4.3 billion DOJ settlement, leading to a significant drop in the token's value.

  • XRP Close to Overtaking BNB: XRP is on the brink of surpassing Binance Coin in market cap, highlighting shifting dynamics in the crypto market.

  • Richard Teng Takes Helm at Binance: Newly appointed CEO Richard Teng faces the challenge of navigating Binance through legal complexities and rebuilding trust with institutional investors.

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TOP STORIES

TORN down 42% following Binance delisting of ‘problematic’ coin

Binance promised the DOJ that it will clean up its act. Now it has announced that it is delisting Tornado Cash's token.

www.dlnews.com/articles/snapshot/torn-down-following-binance-delisting-of-tornado-cash-token

XRP threatens to flip Binance's cryptocurrency once and for all

BNB has been valued higher than XRP for most of the last two years, but the gap is narrowing fast

blockworks.co/news/xrp-flipping-distance-bnb

Richard Teng was ‘pre-positioned’ to succeed CZ at Binance but now comes a battery of tests

In contrast to CZ, Binance's new CEO is steeped in the intricacies of markets regulation.

www.dlnews.com/articles/people-culture/richard-teng-was-pre-positioned-to-succeed-cz-at-binance

FUNDRAISES

Blast Secures $5 Million From CGV to Power Web3 Innovation on Its Burgeoning Layer 2 Network | The Crypto Times

Blast, an Ethereum Layer 2 solution, has secured a $5 million investment from the Japanese cryptocurrency investment firm CGV. This capital injection comes on

www.cryptotimes.io/blast-secures-5-million-from-cgv-to-power-web3-innovation-on-its-burgeoning-layer-2-network

Binance Labs Invests in Open Campus to Advance Educational Content Creation | Binance Blog

Binance Labs has invested $3.15M in Open Campus, a community-led Web3 education platform that is tokenizing educational content by enabling content creators to monetize the content they publish.

www.binance.com/en/blog/ecosystem/binance-labs-invests-in-open-campus-to-advance--educational-content-creation-7756628418827498415

OTHER HEADLINES

Magic Eden Launches Cross-chain Wallet - The Defiant

NFT Marketplace Aims To Reduce Friction For Collectors With Assets On Multiple Blockchains

thedefiant.io/magic-eden-launches-cross-chain-wallet

Google Cloud confirms participation in EigenLayer testnet

Exclusive: Google Cloud joined more than 65 other operators as EigerLayer eyes a mainnet deployment for node operators in H1 2024.

blockworks.co/news/google-cloud-participates-eigenlayer-testnet

Spot Bitcoin ETFs Have Almost $100M in AUM in Brazil, Led by Hashdex Offering

Pro-market digital assets regulation and growing interest from large institutions are among the factors behind the success so far, said Hashdex's CEO.

www.coindesk.com/markets/2023/11/27/spot-bitcoin-etfs-have-almost-100m-in-aum-in-brazil-led-by-hashdex-offering

Binance Founder CZ Stuck in U.S. for the Moment

Changpeng Zhao was set to return to the UAE, where his wife and children live, but a district judge stayed this part of his bond release for now.

www.coindesk.com/policy/2023/11/27/binance-founder-cz-stuck-in-us-for-the-moment

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