Circle to Discontinue Consumer Accounts in 30 Days

Circle to End Support for Consumer Accounts in Strategic Shift


Stablecoin issuer Circle has reportedly notified its users that it will cease its support for consumer accounts.

“As part of Circle’s strategic review, consumer-only Circle Accounts will no longer be supported. We will discontinue wiring and mining functionalities and close your account on November 30, 2023,” the statement noted.

Circle Gives 30-Day Notice for Consumer Accounts Closure

In a recent statement, Circle chose not to reveal the specific motivations behind its decision to close consumer accounts. Still, it did notify its users that this action aligns with its terms and agreements.

“This action is consistent with Circle’s specific terms found within our applicable legal agreement.”

This comes after Circle’s CEO, Jeremy Allaire, refuted the idea that Circle solely focuses on the US market.

coinbase

On August 8, BeInCrypto published Allaire’s comments indicating that most of Circle’s business comes from outside the US. Allaire stated,

“Despite the hype that we’re all about the US, we estimate that 70% of USDC stablecoin adoption is non-US.”

Circle USDC Market Cap. Source: CoinGecko

Learn more: What Is a Stablecoin? A Beginner’s Guide

Circle Pushes for Global Expansion

This also comes only months after Singapore authorities granted Circle a Major Payment Institution (MPI) license.

The license, which was issued by the Monetary Authority of Singapore (MAS), allows Circle Singapore to offer digital payment token services in Singapore.

On June 7, Allaire acknowledged the move as a huge step forward for crypto in the greater Asian region. 

“This milestone signifies a huge step forward for the future of regulated, transparent, and trusted dollar digital currencies in Singapore and the greater Asia region.”

Meanwhile, as part of its continued global expansion endeavors, the company announced earlier this year its plan to set up its European headquarters in Paris.

The reasons behind this are France’s favorable attitude towards crypto and the nation’s ambition to emerge as a global hub for web3.

Learn more: What Are Algorithmic Stablecoins?

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.



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