According to its latest attestation by auditor Grant Thornton from October, Circle invests the majority of its assets in U.S. Treasury bills with maturities of no more than 90 days. Digital assets are subject to a number of risks, including price volatility. If we determine that your claim of an Unauthorized Supported Digital Currency Transaction or Error is valid and eligible, we will credit your Circle Account for the amount of the Unauthorized Supported Digital Currency Transaction or Error, subject to the limitations set forth below. By initiating an Inbound Transfer, you attest that you are transacting in a Supported Digital Currency which conforms to the particular Hosted Wallet into which funds are directed. All states offer free searching and claiming when it comes to the unclaimed cash and property they hold. If we have already provisionally credited your Circle Account and determine that your claim of an Unauthorized Supported Digital Currency Transaction or Error is valid and eligible, you will be allowed to keep such provisional credit. For purposes of this Section 24, an Error means one of the following: (i) if your bank account is charged for an issuance of USDC or EUROC, Circle receives the funds, but the corresponding USDC or EUROC does not show up in your Circle Account, (ii) if you complete a redemption from USDC or EUROC and the funds are not properly delivered by Circle to your bank account, (iii) you transfer a Supported Digital Currency from your Circle Account to an external address and we debit your Circle Account for a Supported Digital Currency amount in excess of the sent amount, (iv) if you receive a Supported Digital Currency to your Circle Account and we do not add the proper amount to your Circle Account, (v) if the transaction records in your Circle Account do not accurately reflect your transactions, or (vi) there is some other material mathematical or computational error by Circle in calculating issuance or redemption amounts. We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circles core strategy to enhance trust and transparency, which has never been more important, says CEO Jeremy Allaire. The Louisiana Office of Financial Institutions does not currently license or regulate services related to virtual currency including but not limited to transmission or exchange which may be conducted by Circle. In the event that we are required to block funds associated with your account in accordance with a sanctions program, or other similar government sanctions programs, we may: (i) suspend your account; (ii) terminate your account; (iii) return funds to the destination of their origin or to an account specified by authorities; or (iv) require you withdraw funds from your account within a certain period of time, in accordance with Section 19. Restricted Activities and Prohibited Transactions, 24. Circle Internet Financial, LLC is licensed and regulated as a Money Transmitter and to conduct business involving virtual currency by the New York Department of Financial Services. Some jurisdictions do not allow the disclaimer of implied warranties, so the foregoing disclaimers may not apply to you. The Circle Account and Services are currently only available to institutions located in supported jurisdictions. In the event that you do not agree with any such modification, your sole and exclusive remedy is to terminate your use of the Services and close your Circle Account. Stablecoin market values have a direct effect on the underlying companys revenue, as providers such as Circle can invest the collateral in interest-bearing securities. Announced in July 2021, the proposed acquisition assigned a $4.5 billion valuation to Circle . Circle shall have no liability for any losses incurred as a result of actions taken in reliance on the information contained on the Circle website or in any Third Party Content. After all, the last time that bitcoins price, currently $16,915, was as low as it is now, USDCs market capitalization was only $2.7 billion. Most states cap that percentage at ten percent. Circle Internet Financial LLC - Company Profile and News - Bloomberg Markets Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and. The Kentucky Department of Financial Institutions does not currently license or regulate services related to virtual currency including but not limited to transmission or exchange which may be conducted by Circle. If you choose to use Circle's "USDC Express" service as part of the Services, incoming financial institution fiat wires will transiently settle as USDC in your Circle Account, and the corresponding USDC amount will subsequently be sent from your Circle Account to the external wallet address of your choice. Unauthorized and Incorrect Transactions, Unauthorized and Incorrect Supported Digital Currency Transactions. It includes dormant savings accounts and CDs, life insurance payments, death benefits, uncashed utility dividends and the contents of abandoned safe deposit boxes. Can you help identify 2 people found dead in King County? Indiana-DFI Money Transmitter License, 41350, Indiana Department of Financial Institutions, Iowa Division of Banking - Finance Bureau, Kansas Money Transmitter License, MT.00000077, Kansas Office of the State Bank Commissioner, Kentucky Money Transmitter License, SC292165, Kentucky Department of Financial Institutions. Digital assets do not typically have legal tender Scammers like to mimic these postcards looking for you to call them or register on their website. If you do not notify us within sixty (60) days, then you will not be covered by the protections of this Section 24. Unclaimed Property. Escheatment and Unclaimed Funds - Circle Help Center Some states will still send out postcards to residents who have missing money periodically throughout the year. If Circle determines that you or any of your Additional Users have violated this Agreement, including, but not limited to, transacting with Blocked Addresses (as defined in Section 19) or engaging in Restricted Activities or Prohibited Transactions then Circle may be forced to terminate your Circle Account. Except as required by a facially valid court order, or except as provided for herein, Circle will not sell, transfer, loan, or otherwise alienate Supported Digital Currency in your Hosted Wallet unless specifically instructed by you in accordance with the terms of this Agreement. The good news is that unclaimed money doesn't just disappear. By registering a mobile phone number you are agreeing to the specific terms set forth in this Section 13. While you may generally withdraw your Digital Currency by sending it to an external blockchain address at any time, your ability to do so is subject to outages and downtime of the Circle website and Circles policies. Contact Circle | USDC, Payments & Treasury Infrastructure for Business / Contact Us We'd love to hear from you For all support questions, select your product below. Lost Property FundsWhat Investors Should Know | FINRA.org "There is legitimately unclaimed property being held by states - a total of about $42 billion. The financial institution, for whatever reason, has lost track of the owner. This website is a good resource for unclaimed money finder information. With your Circle Account, you can swap USDC from one USDC Supported Blockchain to USDC on a different USDC Supported Blockchain for purposes of facilitating an Outbound Transfer. Scam alert: Fake 'unclaimed property' letter may look real, but don't You agree to pay the fees shown to you, if any, or as separately agreed between you and Circle, when you enter into a transaction. Ohio Dept. of Commerce warns of unclaimed funds scam - FOX19 One in five Floridians has unclaimed funds from a forgotten financial account SEARCH FOR UNCLAIMED PROPERTY SEARCH CLICK HERE HAVE YOU BEEN CONTACTED ABOUT UNCLAIMED PROPERTY? Randy Hutchison, president of the BBB of the Mid-South, toldWHBQ that he was targeted by the scam and said he was almost fooled himself. You should periodically review statements from your financial institution and any other service that you use to transact Digital Currency, which should reflect all applicable transactions made using the related transaction method. YOU EXPRESSLY UNDERSTAND AND AGREE THAT CIRCLE AND OUR AFFILIATES AND SERVICE PROVIDERS, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES, AND REPRESENTATIVES WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY DAMAGES, OR DAMAGES FOR LOSS OF PROFITS INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES (EVEN IF CIRCLE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, RESULTING FROM: (I) THE USE OR THE INABILITY TO USE THE SERVICES; (II) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES RESULTING FROM ANY GOODS, DATA, INFORMATION, OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO THROUGH OR FROM THE SERVICES; (III) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; OR (IV) ANY OTHER MATTER RELATING TO THE SERVICES. However you choose to notify us, you must include: Note that in connection with investigating and/or resolving any Unauthorized Supported Digital Currency Transaction or Error, we may need to request further information from you regarding the circumstances of the Unauthorized Supported Digital Currency Transaction or Error. Searching, claiming, and collecting unclaimed money and unclaimed property is free. Circle reserves the right to block certain Digital Currency addresses and, if such addresses are Circle-custodied addresses, freeze associated Digital Currency (temporarily or permanently) that it determines, in its sole discretion, are associated with illegal activity or activity that otherwise violates the terms of this Agreement (Blocked Addresses). Enter your name below to see if you have any unclaimed property due to you: Follow these steps to help prevent your assets from ending up as lost or unclaimed property: Notify your financial institutions of any changes to your contact information, including email and snail mail addresses. It is important for you to understand that it is your sole responsibility to review your transaction history and any notices. Alabama Unclaimed Property - Official State Website Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market crash. Unclaimed Money Scams - How To Spot A Fake Circle Internet Financial, LLC | Better Business Bureau Profile Jeremy Allaire argued that BUSD's consolidation of USDC liquidity was positive for the stablecoin. USDC appeared to get even more wind in its sails in May, when Tether, a rival and controversial stablecoin with a market capitalization of $67 billion briefly fell from its $1.00 peg on multiple exchanges to as low as 95 cents, which was followed by $16 billion of redemptions over a matter of days. If you have a complaint, please first contact Circle Internet Financial, LLC at (888) 762-4966 or visit the Circle Support Portal. The fastest and most efficient way to notify us of an Unauthorized Supported Digital Currency Transaction or Error is to contact Circles Support Team via email at usdcsupport@circle.com. It is important that you regularly check your Circle Account balances and your transaction history regularly to ensure you notify us as soon as possible of any unauthorized or incorrect transactions. If you have insufficient funds in your Circle Account to complete a transaction, such transaction will not be completed. You represent and warrant that all information provided to us pursuant to this Agreement is true, accurate and not misleading in any respect. Digital asset markets and exchanges are not regulated with the same controls About 10-15 minutes of research can help you determine if you actually have unclaimed money or if someone is trying to take advantage of you. Resources Blog Journalists. First is simple, look up the website/phone number on the postcard and see if it matches the state page. We will also communicate with you in English for all matters related to your use of the Services. If you get a letter like this and youre asked to pay an upfront fee dont do it, Hutchison warned. What happens if I lose/change my device? From the time of the announcement until early November, when the FTX collapse began, USDC lost $10 billion in market value. Florida's Unclaimed Property By granting Circle a license, the Florida Office of Financial Regulation is not endorsing the use of digital or virtual currencies. To the extent that you choose to have Additional Users have access to the Circle Account, you will have to designate those Additional Users and manage their access to your account. As the beneficial owner of Supported Digital Currency in your Hosted Wallet, you shall solely bear the risk of loss of such Supported Digital Currency. If we need to take more than ten (10) days to investigate your claim (or thirty (30) days for new accounts), we will provisionally credit your Circle Account with the amount of such Unauthorized Supported Digital Currency Transaction or Error. . Circle will not be liable for any loss or damage arising from your failure to protect your account information. Once you have provided us with proper notification (including delivering all of the information set forth in the subsection above and responding to any requests for further information), we will investigate the potential Unauthorized Supported Digital Currency Transaction or Error. Circle reserves the right to deduct a dormancy fee or other administrative charges from such unclaimed funds, as permitted by applicable law. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES. We will enforce the law where we find systemic noncompliance or fraud." Click here for details See all additional business information Contact Information 99 High St Ste 1701 Boston, MA 02110-2346. Further, you acknowledge and agree that you will not hold Circle responsible for, and will indemnify Circle from, any liability arising from the actions or inactions of this third party in connection with the permissions you grant. The IRS is seeking the records of Americans who engaged in business with or through Circle, a digital currency exchanger headquartered in Boston. Mississippi Money Transmitter License, 002535, Mississippi Department of Banking and Consumer Finance, Missouri Sale of Checks and Money Transmitter License, MO-21-7680. Except as may be otherwise agreed in writing between you and Circle, none of the Supported Digital Currencies in your Hosted Wallet are the property of, or shall or may be loaned to, Circle. Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. You can also notify us by sending a letter via the U.S. Scam alert: Fake 'unclaimed property' letter may look real, but don't the amount of such Unauthorized Supported Digital Currency Transaction or Error. Additionally, Circle may require you to wait some amount of time after completion of a Digital Currency Transfer before permitting you to use further Services and/or before permitting you to engage in transactions beyond certain volume limits. "Circle.com", "Circle", and all logos related to the Services are either trademarks, or registered marks of Circle or its licensors. Potential users of digital or virtual currencies, including but not limited to Bitcoin, should be forewarned of a possible financial loss at the time that such currencies are exchanged for fiat currency due to an unfavorable exchange rate. This return came on the back of revenue and interest income of $274 million. Currently, the Chief Financial Officer holds unclaimed property claimable accounts valued at $2 billion, mostly from dormant accounts in financial institutions, insurance and utility companies, securities and trust holdings. We bridge the traditional financial system and the world's leading public blockchains to unlock growth for businesses and investors around the world. In certain circumstances, we may require you to submit additional information about yourself or your business, provide records, and complete other verification steps (such process, "Enhanced Due Diligence"). To see if you have unclaimed money, use the map at Unclaimed.org to find your current or former state's program. Property Reporting Cycle Tables - California State Controller From and after the date set forth above, this Agreement shall govern your use of any Circle Account. To the extent that you utilize your Circle Account for any transaction or service involving Bridged USDC, the Bridged USDC Terms shall apply to all such transactions and such agreement. Any bond or trust account maintained by Circle for the benefit of its customers may not be sufficient to cover all losses incurred by customers. Please note that Section 26 contains an arbitration clause and class action waiver. Additionally, even if the deal had a path forward, it seems likely that Concord would have looked to renegotiate terms in light of turbulence in the crypto market. In the twelve-month period from January 2019 to January 2020, the global stablecoins market more than doubled in value from $2.5 billion to over $5 billion in total market capitalization. Notifying Circle of an Unauthorized Supported Digital Currency Transaction or Error, Steps Circle Will Take Following Notification, Your Liability for Unauthorized Supported Digital Currency Transactions, Colorado Department of Regulatory Agencies Division of Banking.
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