Circle denies claims of illicit financing and ties to Justin Sun

According to an open letter published on Circle’s blog, the company has not provided services to Justin Sun since February.

USD Coin (USDC) stablecoin issuer Circle has denied claims of illicit financing and ties to Tron founder Justin Sun in an open letter posted to Circle’s blog on Nov.

Circle’s open letter to U.S. Source: Circle

The post was published on Nov.

In the letter, Disparte claims that Circle has “recently became aware” of “false” claims being made about it by the “so-called Campaign for Accountability.” The letter adds that “Circle does not facilitate, directly or indirectly, or finance Hamas (or any other illicit actors).” In addition, it does not “bank” or provide financial services to Sun, Disparte claimed.

Disparte dismissed the allegation that Circle facilitated “major flows of funds to Hamas or Hezbollah,” claiming instead that these accusations are based on uncorroborated, unverified posts to social media.

Disparte also claimed that Circle stopped providing services to Sun in February, 2023, stating:

“Neither Mr. Sun and his affiliated companies in February 2023.”

The open letter from Circle appears to have been sent in response to a Nov. 9 letter from the nonprofit ethics group Campaign for Accountability, whose letter claimed that Circle has extensive ties to Sun’s Tron Foundation and major Wall Street investors and that Sun’s cross-chain protocol, SunSwap, is often used for money laundering.

Related: WSJ debacle fueled US lawmakers’ ill-informed crusade against crypto

Claims that crypto is being used to finance terrorism have been commonplace since the Israeli-Hamas war broke out on Oct. The media outlet later corrected its story, stating instead that $12 million in crypto “may have been” sent to these organizations.

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