We report on the status of the Canarias InfraRed Camera Experiment (CIRCE), a near-infrared visitor instrument for the 10.4 meter Gran Telescopio Canarias (GTC). Besides functioning as a 1-2.5 micron imager with a 3.4×3.4 arcminute field-of-view and 0.10 arsecond pixels, CIRCE will have the capacity for low and moderate resolution grism spectroscopy and imaging and spectro- polarimetry. Furthermore, it will be equipped with J, H, and Ks broad-band filters and a several narrow-band filters, including He I (2.058) and Brγ (2.16). We anticipate CIRCE's myriad capabilities will allow it to play a vital role in a variety of projects involving X-ray binaries including: the search for counterparts to INTEGRAL sources in the heavily obscured Galactic Plane, follow-up spectroscopy of potential HMXB and LMXB counterparts, polarimetry and monitoring of microquasar flares, and the study of extragalactic XRB environments.