
NBC News stated that federal prosecutors have conversed with a former staff member regarding purportedly extensive compliance breaches within Square and Cash App, the company’s primary segments.
Prosecutors aim to ascertain if the company neglected to gather adequate customer data for risk assessment, if Square handled transactions from sanctioned countries, and if Block facilitated cryptocurrency transactions for terrorist organizations.
Certain transactions under scrutiny by prosecutors took place with sanctioned countries like Cuba, Iran, Russia, and Venezuela, and happened relatively recently.
A spokesperson for Block stated that the company maintains a comprehensive compliance program and consistently adjusts its protocols to address evolving threats and regulatory sanctions.
“Continually improving the safety and security of our ecosystem is a top priority for Block. We have been and remain committed to building upon this work, as well as continuing to invest significantly in our compliance program.” – Block’s spokesperson
In late February, Block, previously Square, disclosed $1.92 billion in Bitcoin (BTC) sales for Q4 2021, surpassing Q3 but falling short of Q2 results.
During the last quarter of the previous year, Block’s Cash App facilitated the sale of BTC totaling $1.92 billion, generating profits of $46 million.
Dorsey, a BTC advocate, believes that Bitcoin will contribute to a surplus of global energy.
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