As a seasoned crypto investor with over a decade of experience in this industry, I’ve seen my fair share of regulatory scrutiny and compliance issues. However, the latest news regarding Block’s cryptocurrency division raises serious concerns.
Federal prosecutors are intensely scrutinizing Block’s cryptocurrency unit and working alongside confidential sources to investigate the company’s adherence to regulatory guidelines.
As a crypto investor, I’ve heard concerns about the company co-founded by Jack Dorsey being linked to facilitating cryptocurrency transactions with terrorist organizations and sanctioned countries. The allegations stem from inadequate verification processes reportedly in place.
As a researcher examining the publication, I’ve uncovered some concerning findings regarding Square and Cash App under Jack Dorsey’s leadership at Block. The report suggests that these divisions have been plagued with “extensive and long-term compliance issues” that run far deeper than previously assumed, going beyond their supposedly permissive cryptocurrency practices.
A former Block employee alleges that approximately thousands of questionable transactions were not disclosed to the U.S. Office of Foreign Assets Control (OFAC). The compliance system at the company’s grassroots level, according to this ex-employee, was fundamentally flawed.
As a researcher, I’ve come across over a hundred pages of purportedly confidential company information that was allegedly leaked by former employees. This data reportedly includes correspondences between our firm and countries under sanctions, such as Russia and Iran, dating back to last year.
As a crypto investor, I’ve closely followed the developing story surrounding Block and the allegations that it facilitated transactions with sanctioned organizations despite becoming aware of their misuse of the platform. It’s important to note that Block maintains its stance that it did not deliberately violate any international restrictions. The correspondence trail serves as evidence in support of these claims, but the full context of the situation remains under investigation.
The company asserted that it routinely conducts merchant screenings for sanctions and has an internal legal team, external lawyers, and consultants providing guidance and recommendations for addressing any related issues.
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2024-05-01 23:00