US Legal Scrutiny on Jack Dorsey’s Block for Alleged Non-Compliant Crypto Services: Impact on Bitcoin (BTC)
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- US prosecutors are investigating Block, a cryptocurrency services company co-founded by Twitter co-founder Jack Dorsey, for alleged transactions linked to sanctioned countries and potential terrorist activities.
- A former employee has provided documents allegedly showing inadequate information collection from Square and Cash App customers to assess their risks.
- Block has reportedly processed transactions involving entities in countries subject to U.S. sanctions restrictions, such as Cuba, Iran, Russia, and Venezuela, as well as multiple cryptocurrency transactions for terrorist groups.
Block, a cryptocurrency services company co-founded by Jack Dorsey, is under investigation by U.S. prosecutors for alleged transactions linked to sanctioned countries and terrorist activities, according to a former employee.
Former Employee Alleges Compliance Failures at Block
A former employee has provided prosecutors from the Southern District of New York with documents allegedly showing that Block failed to collect adequate information from Square and Cash App customers to assess their risks. The documents reportedly show that most transactions, including credit card transactions, dollar transfers, and Bitcoin transactions, were not reported to the government as required. The former employee also alleges that Block failed to rectify company processes when alerted to these breaches.
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