Circle appointed to board member of U.S. government-led partnership to combat illicit financing

The new Illicit Virtual Asset Network (IVAN) is a global public-private partnership to identify and counter criminal threats and activities in real time

BOSTON–(BUSINESS WIRE)–Circle today announced it has taken an inaugural three-year seat on the board of directors of the new Illicit Virtual Asset Network. The group, known as IVAN, brings together governments, law enforcement agencies and industry partners from around the world to identify and counter emerging threats or impending criminal activity in real time. Circle – the issuer of USDC, the largest regulated US dollar stablecoin in circulation worldwide – will help determine the strategic direction of IVAN as a key tool in the fight against transnational illicit finance. As one of three industry representatives on the IVAN board, Circle will play a voting role in setting priorities and membership decisions.

“Circle’s partnership with IVAN and leadership role in the group’s governance underlines our company’s fundamental commitment to combating illicit finance as a compliant, regulated financial institution.” said Mandeep Walia, Circle’s Chief Compliance and Risk Officer. “We appreciate the opportunity to help drive the conversation about how regulated companies that meet global standards to combat illicit finance can serve as the strongest deterrent to financial crime in the first place.”

Erik Rosenblatt, a senior leader at Circle, will represent Circle on the IVAN board. Prior to joining Circle, Rosenblatt spent more than 20 years in senior positions as a Special Agent in the U.S. Department of Homeland Security and the U.S. Treasury Department, specializing in combating fraud, money laundering, terrorist financing and other forms of fraud. cross-border crime.

Circle’s compliant, regulatory-focused approach

Since its founding in 2013, Circle has made significant investments in people, processes and technologies to build a dynamic US-based company that complies with global regulations while staying ahead of illicit financial actors. Circle recognizes that for global, mainstream adoption of digital assets and blockchains, anti-money laundering and counter-terrorist financing (AML/CFT) compliance is essential to protect customers and systems from criminal activity, as well as is the case with traditional practices. financial systems. Not only has Circle implemented the same financial crime compliance controls and investments expected at other regulated financial institutions, but the company has also leveraged new technologies to leverage the unique features of blockchains to better track illicit financing and to trace and ultimately deter. This has resulted in stronger defenses against illegal activities.

Circle complies with applicable US regulatory standards applicable to leading fintech and payments companies. The Company holds money transmission licenses or equivalent licenses in applicable U.S. states and jurisdictions and is regulated by the U.S. Bank Secrecy Act as a money services company with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). In July 2024, Circle became the first global stablecoin issuer to comply with the European Union’s industry-leading Markets in Crypto-Assets (MiCA) regulatory framework. Circle now issues both USDC and EURC in the EU in accordance with MiCA regulatory obligations for stablecoins or e-money tokens. Last year, Circle Singapore received a Major Payment Institution License from the Monetary Authority of Singapore (MAS).

About Circle

Circle is a global financial technology company that enables companies of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Through its regulated entities, Circle is the issuer of USDC and EURC – highly liquid, interoperable and trusted Internet monetary protocols. Circle’s open and programmable platform and APIs make it easy for organizations to run their businesses on the web, whether it’s making international payments, building globally accessible Web3 apps or managing their internal finances. More information can be found at https://circle.com.

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