Block Inc. Faces $40 Million Penalty for Crypto Compliance Flaws

Block Inc., led by CEO Jack Dorsey, has been slapped with a hefty $40 million fine for alleged shortcomings in its crypto compliance and anti-money laundering (AML) practices, according to U.S. regulators. This significant penalty underscores the increasing regulatory pressure faced by the cryptocurrency industry. The fine specifically targets Block’s crypto activities, highlighting potential consequences for companies struggling to meet compliance standards.