Key Highlights:
- U.S. prosecutors probe Block for potential missteps in handling sanctioned transactions and links to terrorist funding.
- Despite heavy accusations, Block claims a solid track record of compliance and continuous improvement in their security measures.
Yello ParadiseSquad! Jack Dorsey’s tech company, Block, which owns popular apps like Square and Cash App, is now under the microscope of U.S. federal prosecutors. This investigation digs into Block’s handling of its Bitcoin transactions and broader compliance measures.
Federal Eyes on Block’s Compliance
The U.S. government is cranking up its scrutiny over the cryptocurrency sector and has zeroed in on Block. Reports suggest that federal investigators are dissecting the company’s internal controls and compliance related to its crypto dealings. This investigation was sparked by allegations from a former employee who highlighted potential long-standing issues within the company.
Serious Charges on the Table
Block is accused of processing crypto transactions linked to terrorist groups and handling financial dealings with countries under U.S. sanctions, like Iran and Venezuela. Even more troubling, these transactions reportedly flew under the radar, not reported to the necessary government bodies. Despite these serious claims, Block defends its compliance program as robust and evolving, asserting their commitment to maintaining a secure and compliant financial environment.
