Circle Denies Claims Of Illicit Financing And Links To Justin Sun

Circle denies illicit financing allegations and severs ties with Justin Sun and affiliates, shaping the crypto security debate.
Circle Denies Claims Of Illicit Financing And Links To Justin Sun

The digital currency USDC and internet-based payment processor Circle, a worldwide financial technology company, have responded to the Campaign for Accountability’s (CfA) allegations about their business practices.

Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, responded to the CFA’s allegations in a letter to Senators Sherrod Brown and Elizabeth Warren, labeling them as “errors, omissions, and misleading information.”

Circle Denies Claims Regarding Hamas Financing

According to the CFA letter, Circle supports and finances Hamas, a Palestinian militant group that has been labeled a terrorist organization by the US and other nations. Claiming that it “does not facilitate, directly or indirectly, or finance Hamas or any other illicit actors,” Circle angrily refutes these allegations.

The corporation reaffirmed its dedication to morality and lawfulness in commercial dealings, emphasizing that it has never assisted in any transaction connected to illicit activity.

Explanation Regarding Justin Sun and Associated Parties

The relationship between Circle and Huobi Global—now known as HTX—and Justin Sun, the founder of the TRON Foundation, were two other important points of clarity in Circle’s letter.

Circle disputed the allegations, stating that it does not offer banking services to HTX, Justin Sun, or the TRON Foundation.

According to the corporation, Justin Sun does not have any accounts with Circle, nor do any of his organizations, such as the TRON Foundation and Huobi Global. This reaction follows claims that Circle may have had ties to these organizations.

In the letter, Circle disclosed that it has closed all of its accounts with Justin Sun and his firms in February of 2023. The U.S. government did not designate Mr. Sun or his organizations as Specially Designated Nationals, but this decision was still made.

Circle’s preemptive action highlights its dedication to adhering to regulatory requirements and its watchfulness regarding any abuse of its services.

Circle’s position and actions may have an impact on the wider conversation about how cryptocurrencies and international security issues connect as things develop. The public, regulators, and the crypto financial sector keep a careful eye on these changes.

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