Stablecoin issuer Circle to close consumer accounts on November 30

Stablecoin issuer Circle will be closing individual accounts on November 30, according to emails received by customers. The company confirmed that business and institutional "Mint" accounts will remain available. The reason for the closure is part of Circle's strategic review and may be due to a drain on reserves caused by a network of individual accounts operating as KYC mules or money-laundering intermediaries. Some speculate that the closure may also be part of a cost-cutting or restructuring exercise.