CoinTelegraph 2025-04-10 18:22:59

Jack Dorsey's Block fined $40M for alleged crypto compliance, AML failures

Digital payments company Block Inc. has reached a $40 million settlement with New York regulators over alleged compliance misconducts tied to its Cash App platform, Bloomberg reported on April 10. Block was fined by the New York Department of Financial Services (NYDFS) following an investigation into Cash App’s Anti-Money Laundering (AML) and cryptocurrency compliance operations, Bloomberg said after reviewing the government agency’s consent order. NYDFS determined that Block allegedly violated consumer protection laws and didn’t conduct proper due diligence on its customers. The company was allegedly too slow in reporting suspicious transactions to regulators and failed to adequately screen so-called “high-risk” Bitcoin ( BTC ) transactions. Block confirmed that it had worked with NYDFS to “resolve the matter principally related to Cash App’s past compliance program.” However, it did not admit to any wrongdoing, according to Bloomberg. Block, which was founded by internet entrepreneur and Bitcoin advocate Jack Dorsey in 2009, had been negotiating a settlement with the NYDFS since last year, based on filings submitted with the US Securities and Exchange Commission (SEC). Excerpts of Block Inc.’s February Form 10K filing with the SEC. Source: SEC The NYDFS settlement isn’t the first monetary penalty Block has agreed to pay this year. As Cointelegraph reported, the company paid $80 million in fines to several state regulators over alleged violations tied to its AML program. Related: NYDFS chief’s advice for crypto firms: ‘Never surprise your regulator’ Block remains in growth mode Despite getting caught in regulatory crosshairs, Block’s underlying business remained strong at the end of 2024. Companywide revenues increased by roughly 4.5% year-over-year to $6.03 billion as per-share earnings climbed 51% to $0.71. The other positive takeaway was that Block’s merchant gross payment volume, or the total amount of money processed through its systems, increased by 10% to $61.95 billion. Cash App continues to be a source of growth, with the unit recording $1.38 billion in gross profit in the fourth quarter. The mobile payment service had more than 57 million monthly transacting users in early 2024. Despite reporting strong growth, Block Inc.’s (XYZ) share price has fallen more than 37% this year as part of a marketwide sell-off. Source: Yahoo Finance Cash App users have been able to buy Bitcoin through the platform since at least 2018 . In 2023, Cash App integrated crypto accounting software TaxBit , giving users an easier way to track and report their crypto-related taxes. Magazine: Bitcoin heading to $70K soon? Crypto baller funds SpaceX flight: Hodler’s Digest, March 30 – April 5

Meist gelesene Nachrichten

Trump says he has “no intention” of firing Po...
2025-04-23
Chiliz Plans US Comeback with FIFA World Cup...
2025-04-23
Crypto Market Cap Tops $3T in 6-Week High as...
2025-04-23
Bitcoin Shoots Above $90,000—Will $92,000 Fal...
2025-04-23
Battle Derby Blends Racing, MOBA, and Web3 in...
2025-04-23
Bitdeer Expansion and ETF Inflows Signal Stro...
2025-04-23
SEC Abandons Charges Against Hex Founder Rich...
2025-04-23
Forbes Features LBank: Driving Global Crypto...
2025-04-23

https://www.digistore24.com/redir/325658/ceobig/

Ähnliche Neuigkeiten

Bitcoin Surpasses $93,000 as Political Uncertainty...
23 Apr 2025
Bitcoiners should be cautious over rally as stable...
23 Apr 2025
Asia markets advance after Wall Street boost on ho...
23 Apr 2025
Crypto News: SEC Exposes Fake Crypto Trading Platf...
23 Apr 2025
Australian Federal Court Dismisses ASIC Appeal, Fa...
23 Apr 2025
5 Best Crypto Wallets to Secure Your Digital Asset...
23 Apr 2025

Lesen Sie den Haftungsausschluss : Alle hierin bereitgestellten Inhalte unserer Website, Hyperlinks, zugehörige Anwendungen, Foren, Blogs, Social-Media-Konten und andere Plattformen („Website“) dienen ausschließlich Ihrer allgemeinen Information und werden aus Quellen Dritter bezogen. Wir geben keinerlei Garantien in Bezug auf unseren Inhalt, einschließlich, aber nicht beschränkt auf Genauigkeit und Aktualität. Kein Teil der Inhalte, die wir zur Verfügung stellen, stellt Finanzberatung, Rechtsberatung oder eine andere Form der Beratung dar, die für Ihr spezifisches Vertrauen zu irgendeinem Zweck bestimmt ist. Die Verwendung oder das Vertrauen in unsere Inhalte erfolgt ausschließlich auf eigenes Risiko und Ermessen. Sie sollten Ihre eigenen Untersuchungen durchführen, unsere Inhalte prüfen, analysieren und überprüfen, bevor Sie sich darauf verlassen. Der Handel ist eine sehr riskante Aktivität, die zu erheblichen Verlusten führen kann. Konsultieren Sie daher Ihren Finanzberater, bevor Sie eine Entscheidung treffen. Kein Inhalt unserer Website ist als Aufforderung oder Angebot zu verstehen