No, rule was changed in 2009

REMOVED AS A FOUL- Throwing in the towel during competition

A fighter’s corner, at the Commission’s discretion, should have the option to retire his fighter in the quickest and most efficient manner possible, during competition. A corner person having worked alongside a fighter may recognize and accept what their fighter’s capabilities are from past experience. It makes sense from a safety perspective to allow a corner to retire the fighter. If there is consideration that debris in the form of a towel entering the ring or cage may contribute to a disruption or confusion in the contest, then colored towels or special towels might be a consideration to be used.

https://www.abcboxing.com/committee-report-on-unified-rules-for-mma/