The Treasury Department has blacklisted Crypto mixing service 'Tornado Cash'.
By The Exchange Team
The U.S. Treasury banned Tornado Cash on Monday because it “launders the proceeds of cybercrimes.”
Tornado Cash has failed to implement appropriate safeguards to prevent money laundering, said Brian Nelson.
Crypto asset mixers blend someone's tokens with a pool of other users' assets to hide fund trails.
They go beyond standard crypto platforms in their ability to obscure the identities of transaction parties.
Some people utilise Tornado Cash as a genuine means of protecting their anonymity.
The government argues that it also facilitates heists, ransomware, fraud, and other cybercrimes.
The Treasury Department stated that "Virtual currency mixers that assist criminals pose a threat to US national security."