Circle Appointed to Board Position on U.S. Government-led Partnership to Combat Illicit Finance

The new Illicit Virtual Asset Notification (IVAN) global public-private partnership  identifies and counters criminal threats and activity in real-time‍

BOSTON — October 2, 2024 — Circle announced today that it holds an inaugural three-year seat on the board of directors of the new Illicit Virtual Asset Notification partnership. 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 will help drive IVAN’s strategic direction as a key resource in combating transnational illicit finance. As one of three industry representatives to the IVAN board, Circle will have a voting role in prioritization and membership decisions.

“Circle’s partnership with IVAN and leadership role on the group’s board underscore our company’s foundational 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 around how regulated companies that comply with global norms 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 over two decades in executive leadership roles as a special agent with the U.S. Department of Homeland Security and the U.S. Department of the Treasury, specializing in combating fraud, money laundering, terrorist financing and other forms of transnational crime.‍

Circle’s Compliant, Regulatory-first Approach‍

Since its founding in 2013, Circle has made significant investments in people, processes and technologies to build a dynamic, U.S.-based company that conforms to global regulatory regimes while staying ahead of illicit financial actors. Circle recognizes that in order to have global, mainstream adoption of digital assets and blockchains, anti-money laundering and countering the financing of terrorism (AML/CFT) compliance is essential to protecting customers and systems from criminal activity, just as they are in traditional financial systems. Circle has not only established the same financial crime compliance controls and investments as expected with other regulated financial institutions, but the company has also leveraged novel technologies to harness the unique features of blockchains to better track and trace and ultimately deter illicit finance. This has resulted in a stronger defense against illicit activity.

Circle is compliant with the prevailing U.S. regulatory standards that apply to leading fintech and payments firms. The company holds money transmitter or equivalent licenses in applicable U.S. states and jurisdictions, and is regulated under the U.S. Bank Secrecy Act as a money services business with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). In July 2024, Circle became the first global stablecoin issuer to achieve compliance with the European Union's landmark Markets in Crypto-Assets (MiCA) regulatory framework. Circle now issues both USDC and EURC in the EU in compliance with MiCA’s 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).