Circle Closing Out Consumer Accounts
On October 31, stablecoin issuer Circle sent out emails to its customers, informing them that individual accounts would be closed as part of a strategic review on November 30. An image of the email was posted on X, sparking speculation about the cause of the closure.
In response to inquiries from Cointelegraph, Circle confirmed that individual accounts are indeed being shut down. However, business and institutional “Mint” accounts will remain available.
Adam Cochran suggested that Circle’s reserves may have been drained by a “network of individual accounts” that were used as KYC mules, or money-laundering intermediaries. This could explain why Circle is closing out consumer accounts as part of its web 3.0 business model.
Crypto trader tmnxeq proposed a distinct hypothesis, asserting that the accounts may have been closed as part of a “cost-cutting/ restructuring exercise.” In its statement, Circle referred to individual accounts as “legacy consumer accounts,” which appears to signify that they were no longer being utilized as much as they had previously in the web 3.0 business model.Moreover, the metaverse is part of web 3.0, and it can have a significant impact on businesses. It is essential to understand how web 3.0 differs from web 2.0, and one of the primary differences is the use of AI image generators. Web 3.0 business ideas also include the use of Twitter, which can be used to generate new business opportunities.
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