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International Business Times
International Business Times
Marvie Basilan

US Prosecutors Probing Jack Dorsey's Block For Non-Compliance At Cash App, Square: Report

Jack Dorsey Square Cash App United States Bitcoin fintech Hindenburg Hindenburg Research Twitter Inc.
Financial services firm Block was founded by Jack Dorsey, co-founder and former CEO of Twitter (rebranded to X). (Credit: Block Website/Screenshot)

KEY POINTS

  • Square allegedly facilitated thousands of transactions with countries subject to US sanctions
  • Cash App allegedly did not collect enough information from customers to assess related risks
  • Block said it has an existing 'responsible and extensive compliance program'
  • Hindenburg Research accused Block last year of allowing widespread fraud among its users

Federal prosecutors are investigating fintech firm Block over alleged years of compliance lapses at the company's key units, Square and mobile payment service Cash App.

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