As a researcher with experience in financial compliance and regulatory investigations, I find the ongoing examination of Jack Dorsey’s Block by the U.S. Attorney’s Office intriguing, given the recent reports of alleged widespread compliance violations at Square and Cash App, Block’s two main divisions.
The U.S. Attorney’s Office is examining the financial transactions of Jack Dorsey’s Block.
As a crypto investor following the news closely, I came across an article by NBC News revealing that federal prosecutors had reportedly engaged in discussions with a previous employee concerning suspected extensive compliance infringements within Square and Cash App, the primary business units of the company.
Prosecutors aim to investigate if the company neglected to gather sufficient client data for risk evaluation, if Square handled transactions linked to embargoed nations, and if Block facilitated cryptocurrency exchanges for terrorist organizations.
Certain transactions that piqued the interest of prosecutors involved nations under sanctions like Cuba, Iran, Russia, and Venezuela, and these occurred relatively recently.
“Block’s representative stated that the firm maintains a thorough and proactive compliance program, continually adjusting its approaches to address new risks and evolving legal regulations.”
As a dedicated researcher focused on enhancing safety and security within our Block ecosystem, I can assure you that this area remains a top priority for us. We are not only committed to advancing existing measures but also investing substantially in our compliance program to ensure continuous progress in this crucial aspect.
Block’s spokesperson
In the final week of February, Block, previously called Square, disclosed a total of $1.92 billion in Bitcoin (BTC) transactions for the last quarter of 2021. This figure surpassed the sales figures from the previous quarter but fell short of those recorded in the second quarter.
Last quarter, approximately $1.92 billion worth of Bitcoin was offloaded via the Block Cash App, resulting in earnings of around $46 million.
Dorsey, like many others, holds faith in Bitcoin’s potential, predicting it could result in an excessive global energy consumption trend.
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2024-05-01 20:46