Payment Technology Company Circle recently announced that all accounts of Justin Sun and his affiliates were terminated in February 2023.
Circle Announces Termination of Justin Sun's Accounts and Affiliates in February 2023
Circle clarified that to date, the U.S. government has not designated Justin Sun or his entities as Specially Designated Nationals.
Circle also emphasized that neither Justin Sun nor any entity he owns or controls, including the TRON Foundation or Huobi Global, currently maintains accounts with the financial technology company.
Circle's move reflects the company's commitment to compliance and adherence to regulatory standards.
While no specific reason was given for the termination of Justin Sun's accounts and affiliates, it aligns with preventing collaboration with terrorist organizations and the financial industry's increasing focus on regulatory compliance and due diligence.
The statement aims to clarify Circle's position regarding its relationship with Justin Sun and related entities and address possible speculation regarding account terminations.
As regulatory scrutiny continues to shape the cryptocurrency and fintech landscape, companies like Circle are taking proactive measures to ensure compliance with existing and evolving regulatory frameworks.
As of now, Justin Sun and his associated organizations, such as TRON Foundation and Huobi Global, do not have active accounts on Circle.
*This is not investment advice.