Circle, a crypto firm that manages stablecoin USDC, released a letter to deny the allegations that it is involved in illegal financing. The company also said it no longer has ties with Justin Sun and TRON.

Circle explained that since February this year, it had not provided any service to Justin Sun, a cryptocurrency entrepreneur and business executive who founded the blockchain DAO ecosystem called TRON. Thus, the company has no link to him for a while now.

Reason for the Open Letter

Circle posted an open letter on Thursday, Nov. 30, to clarify two significant things. It would like to set things straight after a non-profit group accused Circle of having a connection with Sun. There were also claims that the firm engaged in unlawful financing acts.

As per CoinTelegraph, the recent letter is a modified version of a note already published earlier. In the updated message, Circle’s chief strategy officer, Dante Disparte, addressed two U.S. senators - Sherrod Brown and Elizabeth Warren.

Circle Strongly Denies all Allegations Being Hurled Against the Company

Disparte said that the company just became aware of the false claims recently. He stated in the letter that “Circle does not facilitate, directly or indirectly, or finance Hamas (or any other illicit actors).” He added that the firm does not provide any form of financial services to 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,” Disparte said. “To date, the U.S. 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.”

Photo by: Circle Press Room