dYdX Confirms It Complied With Treasury’s Tornado Cash Ban #togrp7
The U.S. Treasury Department’s decision to blacklist Tornado Cash is still wreaking havoc across the cryptocurrency ecosystem. The decentralized derivatives exchange dYdX confirmed it had been affected by the ban late Wednesday after it became aware that some of its users had interacted with Tornado Cash. In response, the project opted to block some accounts.
The development follows the Treasury’s Monday update confirming that the Office of Foreign Assets Control had sanctioned Tornado Cash and its associated smart contracts due to the role it had played in many crypto-based cybercrimes. The move restricts all U.S. residents from interacting with the protocol. The Treasury said that the Ethereum mixing protocol had failed to impose “effective controls” to prevent criminals from money laundering.#togrp7