Goldman Sachs-backed cryptocurrency-focused ecosystem Circle has announced that starting from next month, it will stop support Circle Pay, a pioneering social payment app.
However, the company states it will continue to work toward connecting every person on the planet through an open financial system built on crypto assets and blockchain technology.
According to the announcement, all Circle Pay customers should cash out their assets today. Customers who currently hold bitcoin (BTC) in Circle Pay are also encouraged to send BTC funds to another wallet.
Here are key dates:
- July 8: Customers will no longer be able to add money or send money to anyone through their Circle Pay account. They will only be able to cash out funds to their linked card or bank account. We will also limit new sign ups by July 8th.
- July 31: Any remaining funds will be attempted to be returned to customers’ linked bank accounts or cards beginning on July 31st.
- September 30: We will fully deprecate all support for Circle Pay.Post September 30: We will begin the escheatment process and turn over funds to the state or country where a customer resides, in accordance with applicable law.
Earlier this year, Circle signed an agreement with Nice Actimize to develop the crypto market surveillance technology
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