Did stablecoin issuer Circle file a regulatory complaint against Binance? The answer is yes, and here's what you need to know.

Circle's Complaint Against Binance: What Happened in 2022?

Stablecoin giant Circle Internet Financial Ltd. issued a complaint to the New York State Department of Financial Services (NYDFS) about rival crypto firm Binance’s practices. This action, reported by Bloomberg, highlights concerns regarding the management of token reserves.

Details of the Accusation

According to a Monday report, Circle, best known as the issuer of the USDC stablecoin, warned New York watchdogs that Binance was not properly backing the tokens it offered. Circle alleged that the crypto exchange mismanaged token reserves. While some reports incorrectly indicate this happened in 2025, the complaint was initially filed in 2022.

Why the Complaint Matters

The accusation brought forth by Stablecoin issuer Circle filed a regulatory accusation against Binance in 2022. The concerns centered around the proper backing and management of token reserves, raising questions about the stability and security of Binance's operations at the time. The case filed last year, now available for public scrutiny, details specific instances of alleged mismanagement.

Circle's Continued Involvement

Circle, the company behind the stablecoin USDC, has continued to monitor the situation. In fact, on 29 de sept. de 2025, Circle even waded into the U.S. Securities and Exchange Commission’s case against Binance. The SEC had already sued Binance, adding another layer of complexity to the regulatory landscape.

Stay tuned for updates as this case develops.