Circle Denounces Terror Funding Claims & Justin Sun Ties

Circle’s open letter to Senators Sherrod Brown and Elizabeth Warren distances the company from terrorism financing allegations.

Dante Disparte denying involvment with Hamas and Justin Sun.
Created by Gabor Kovacs from DailyCoin
  • Circle wrote an open letter to U.S. senators.
  • Circle has countered allegations of terror financing.
  • The company also denounced its ties with Justin Sun.

USDC stablecoin issuer Circle has hit back at a group of U.S. legislators over allegations of the company’s involvement in terrorism financing and ties with Tron founder Justin Sun.

On November 9, Campaign for Accountability (CfA), a non-profit watchdog group, wrote to Senators Sherrod Brown and Elizabeth Warren to “alert them on additional facts” surrounding Circle’s “apparent complicity” in terrorism financing.

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The letter also alleged that Circle “does not seem to have disengaged from Sun’s entities” despite the TRON founder having a “history of unscrupulous behavior.”

Circle Refutes Terrorism Financing Claims

In a formal letter written by Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, and addressed to Senators Brown and Warren, Circle distanced itself from CfA’s allegations and asserted that the company doesn’t directly or indirectly facilitate or finance any illicit actors.

Notably, Disparte faulted CfA for basing its allegations on old reports that have all been corrected to note that Palestinian Islamic Jihad (PIJ) and Hezbollah terrorist groups “may have exchanged up to $12 million in crypto since 2021” and not $93 million as alleged.

“Most importantly, public blockchain ledgers show that of the $93 million in digital assets wallets identified by the Israeli government, only $160 was transferred in USDC among those wallets, and none of that was acquired from Circle,” Disparte stated.

Disparte further asserted that CfA’s letter was “replete with errors, omissions, and misleading information” about Circle’s ties with Justin Sun.

Circle Denounces Relationship with Justin Sun

Noting that “Circle does not bank Justin Sun,” Disparte reiterated that none of the entities owned by Sun, including the TRON Foundation or Huobi Global, had active accounts with the stablecoin issuer.

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Per the letter, despite the U.S. government not having “specifically designated Mr. Sun or his entities as Specially Designated Nationals,” Circle terminated all accounts held by the TRON founder and his affiliated companies in February 2023.

Read more about Circle’s integration with the NEAR Protocol:
Circle’s USDC Expands Reach with NEAR Protocol Integration

Stay updated on Circle’s recent partnership with SBI:
Circle Taps SBI Holdings to Broaden USDC Circulation in Japan

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.