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Block is being investigated for compliance violations
The U.S. Attorney's Office is investigating Jack Dorsey's Block over crypto violations revealed by former employees. Learn more about the allegations and the company's response. #Crypto #Compliance #Investigations
Block is being investigated for compliance violations
According to NBC, the U.S. Attorney's Office is conducting an investigation into Block, a company founded by former Twitter CEO Jack Dorsey. The allegations against Block include processing transactions that have ties to sanctioned countries and potentially even terrorists. The allegations were brought to light by former Block employees as whistleblowers who claim the company violated compliance laws.
According to reports, Block has allegedly conducted transactions with countries such as Russia, Iran, Cuba and Venezuela that have been sanctioned by the US. Block's internal operations, including its cryptocurrency business, are under investigation by federal prosecutors. The whistleblowers said they provided evidence indicating that Block continued to engage in unlawful transactions despite knowledge of the violations.
Block executives have maintained that the company did not intentionally violate compliance laws. They claim to conduct regular audits of dealers, even though there is evidence to show the opposite. In addition to this current investigation, the company was also investigated earlier this year. The Cash App service, owned by Block, was also investigated for fraudulent activity in 2022.
It remains to be seen how the U.S. Attorney's Office investigation into Block will end and what consequences the company may face. Recent events raise questions about how seriously crypto companies like Block are regarding compliance practices and regulatory compliance.