News

Just In: Circle Denies Illicit Financing, Cuts Ties with Justin Sun and TRON

Circle firmly denies illicit financing allegations and cuts ties with Justin Sun, TRON, and Huobi Global in a decisive move.
Just In: Circle Denies Illicit Financing, Cuts Ties with Justin Sun and TRON

In a decisive move to clarify its position, Circle has categorically denied allegations of involvement in illicit financing activities. This firm stance was outlined in a detailed letter addressed to U.S. Senators Sherrod Brown and Elizabeth Warren. The letter explicitly negates claims of providing banking services to prominent crypto figure Justin Sun, the TRON Foundation, or Huobi Global, now known as HTX.

Advertisement

Circle Draws Clear Lines in Finance

Circle emphasized its commitment to lawful operations, firmly stating its non-involvement with any illicit actors, including Hamas. The company further clarified its position regarding Justin Sun and his affiliated entities. 

Despite no specific designation of Sun or his entities as Specially Designated Nationals by the U.S. government, Circle proactively terminated all accounts associated with Sun and his companies in February 2023. This move highlights Circle’s stringent adherence to legal and ethical banking practices.

Advertisement

Refuting Claims of Illicit Financing

The context of Circle’s assertive response stems from allegations made by the Campaign for Accountability. This group had previously urged Senators Brown and Warren to investigate the potential role of Justin Sun, his blockchain venture TRON, and Circle in financing terrorist organizations. 

These allegations, which Circle vehemently denies, have placed crypto finance under a scrutinizing lens, especially concerning the funding of terror groups.

Advertisement

Legal Challenges in the Crypto Sphere

The backdrop of these developments includes legal actions against Justin Sun. In March, the Securities and Exchange Commission initiated a lawsuit against him over the unregistered offer and sale of two crypto asset securities. This lawsuit underscores the ongoing regulatory challenges individuals and entities face in the rapidly evolving crypto market.

Read Also: Elon Musk Triggers Disney+ Subscriber Exodus Post Ad Callout

Advertisement

Share
Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?

Bitcoin traders are turning their attention to this week’s Federal Open Market Committee (FOMC) meeting.…

October 26, 2025
  • News

White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

White House crypto czar David Sacks has shown his support for Donald Trump's nomination of…

October 25, 2025
  • News

Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role

Crypto firm Ripple has revealed that it is exploring new ways to use XRP within…

October 25, 2025
  • News

Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms

Kyrgyzstan has made a significant move in the adoption of digital finance. It has now…

October 25, 2025
  • News

Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing

Ripple-backed Evernorth's XRP treasury has grown to $1 billion just days after the company announced…

October 25, 2025
  • News

Trump Tariff Tensions Ease as U.S. and China Hold Positive Trade Talks Ahead of Oct 30 Summit

In fresh developments, the United States and China’s trade teams have commenced negotiations on the…

October 25, 2025