Stablecoin issuer Circle has dismissed false claims of facilitating illicit financing activities. In a letter addressed to US Senators Sherrod Brown and Elizabeth Warren, the company also said it does not provide banking services to Justin Sun, the Tron Foundation, or HTX (formerly known as Huobi Global).

In February 2023, Circle terminated all accounts belonging to Sun and companies associated with him.

“False” Claims of Illicit Financing

In response to a previous letter from the non-profit organization Campaign for Accountability (CfA), Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, issued a rebuttal, asserting that the agency’s communication contained numerous errors, omissions, and misleading information.

Circle clarified that it does not, directly or indirectly, facilitate or finance Hamas or any illicit actors while emphasizing that the company does not provide banking services to Justin Sun. It highlighted its adherence to various regulatory frameworks, including the Bank Secrecy Act (BSA) and laws targeting anti-money laundering and counter-financing of terrorism.

“Circle does not “bank” Justin Sun. Neither Mr. Sun nor any entity owned or controlled by Mr. Sun, including the TRON Foundation or Huobi Global, currently have accounts with Circle. To date, the US government has not specifically designated Mr. Sun or his entities as Specially Designated Nationals. Nonetheless, Circle terminated all accounts held by Mr. Sun and his affiliated companies in February 2023.”

Since last month’s attack by Hamas on Israel, the debate surrounding the potential involvement of crypto entities in supporting terrorist financing has been heavily scrutinized. This prompted the CfA to send a letter to the Senators on November 9th, urging Congress to look into the involvement of both foreign and domestic crypto companies in finan