Users Will Need a License to Withdraw Funds From Tornado Cash – US Treasury Department

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Users Will Need a License to Withdraw Funds From Tornado Cash – US Treasury Department:

On September 13, the U.S. Treasury Department published a guide that reveals the steps to be taking by U.S. citizens in order to withdraw their funds from Tornado Cash.

Tornado Cash was shut down on August 8 by the U.S. Treasury Department.

This happened after investigations showed that the platform was used for money laundering.

As cited in the Treasury Department’s guidelines, U.S. users of Tornado Cash must apply for a specific license from OFAC in order to withdraw any funds deposited on Tornado Cash before August 8.

“U.S. persons or persons conducting transactions within U.S. jurisdiction may request a specific license from OFAC to engage in transactions involving the subject virtual currency.”

Additionally, they will also provide “at a minimum” details about their transactions, including the wallet addresses of both the sender and the beneficiary.

OFAC still confirmed the sanctions on Tornado Cash, stating that ;

“U.S. persons are prohibited from engaging in transactions involving Tornado Cash.”

Therefore, utilizing the platform would be considered a violation of “U.S. sanctions prohibitions.”

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