Stablecoin issuer Circle is closing individual consumer accounts on November 30, 2022, according to an email sent to customers on October 31.
The company confirmed business and institutional Mint accounts will remain open. Speculation arose on X that the closures were due to inactive accounts, cost-cutting measures, or an attempt to curb potential money laundering activities.
Circle referred to the accounts as “legacy consumer accounts” implying a shift away from individual users. The closures eliminate wiring and minting capabilities for affected accounts.
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