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US Federal Prosecutors Investigate Block Inc. for Compliance Violations
Block Inc., the financial technology firm founded by Jack Dorsey, is currently under investigation by federal authorities in the US. The inquiry stems from allegations of compliance breaches at the company’s payment units, Square and Cash App.
The investigation was triggered by a whistleblower who uncovered documents detailing the company’s involvement in processing transactions for customers in countries that are under economic sanctions and enabling cryptocurrency transactions for terrorist organizations.
The whistleblower alleged that Block Inc. executed thousands of transactions for customers in sanctioned countries like Iran and North Korea, raising concerns about the company’s compliance practices. Furthermore, the records revealed that Block facilitated bitcoin transactions for terrorist groups, compounding the potential compliance violations.
Despite being aware of the breaches, Block Inc. reportedly failed to address the compliance issues, leading to escalated concerns and prompting the federal investigation.
The implications of the investigation could have significant repercussions for Block Inc., including hefty fines and reputational damage that may impact its user base and revenue opportunities.
Stay tuned to Extreme Investor Network for more updates and insights on the latest developments in the crypto space.
