THORchain has recently resumed trading after suspending it last week following the movement of illicit funds through its platform. Despite the pause of trading services, other services including lending, borrowing, and staking continued to remain operational.
The exchange resumed trading activities after revamping its terms of service and also added several new guardrails for two purposes. One of the reasons is to prevent the flow of illicit funds and the other is to have legal compliance.
THORSwap is back online! Please resume your regularly scheduled swapping of over 5,500 assets across 10 blockchains, right from your own self-custody wallet.
What's changed? Other than the shiny new terms of service, users won't notice a thing. Behind the scenes, we've partnered…
— THORSwap ⚡ #BetterThanCEX (@THORSwap) October 12, 2023
RUNE Recovers After a Bleak Past Week
As a result of the trading suspension, THORChain’s trading volumes fell to an alarming $30 million. The recent development has set the stage for the trading volume to surge past the $62 million mark. As far as the native token of THORChain, RUNE, is concerned, it fell by a staggering 27% over the course of the previous week from approximately $2.03 to $1.48.
The governance token, THOR, was also seen to be trading in the red following the decision of the platform to halt all trading. The development has inevitably improved the situation as a whole.
Following the announcement of the resumption of trading activities, both tokens experienced a great surge in their values. At the time of writing, RUNE has surged by a decent 8.79% within the previous 24 hours. The surge has catapulted the trading price of the token up to almost $1.65 and the market cap is currently $556 million.
Similarly, THOR was seen trading in the green as the token surged by a decent 9.02% during the time frame. The token is currently swapping hands for $0.1637 and the market cap currently stands at the $23.89 million mark.
THORChain Permanently Blocks Sanctioned Countries
Apart from making new amendments to its terms of service, THORChain has also decided to block services to the countries that are sanctioned by the US. The platform has announced that it has partnered with a renowned industry leader to add these new guardrails.
These decisions received a mixed response from the crypto community as most of them were quick to assume that these snatch the essence of decentralization.
Many pointed their fingers at the exchange and argued that blanket bans are useless as they tend to punish innocent users. Most came to the defense of THORChain and argued that there are other similar platforms users can use apart from the network as well.