Circle has publicly refuted allegations of improper banking relationships and financing of illicit activities in a detailed response to concerns raised by Senators Elizabeth Warren and Sherrod Brown.
The Nov. 30 letter, authored by Circle Chief Strategy Officer Dante Disparte, responds to claims by the Campaign for Accountability, which accused Circle of facilitating illicit financial activities, including the banking of Justin Sun and the financing of Hamas.
The Campaign for Accountability, led by Michelle Kuppersmith, based its accusations on studies and reports that suggested links between Circle and Sun. However, Circle’s response is clear: they do not have checking accounts with Sun or its entities, including the TRON Foundation or Huobi Global.
They also noted that the US government has not designated Sun or its companies as “specially designated nationals,” although Circle terminated their accounts in February 2023.
This controversy comes amid broader concerns about the role of cryptocurrencies in illegal finance. Senators Warren and Brown have openly urged the Biden Administration to address this issue, particularly in the context of crypto-financed terrorism.
Their concerns were based in part on a Wall Street Journal report that suggested Hamas used cryptocurrency to finance attacks against Israel, a claim later disputed by Elliptic, the report’s data source.
Circle’s stance is firm but open to dialogue, extending an offer to discuss these issues with the two senators.
