Block Inc. Fined $40 Million Over Cash App Compliance Failures

Digital payments company Block Inc., formerly known as Square, has agreed to pay a $40 million settlement with the New York Department of Financial Services (NYDFS) due to compliance violations on its popular Cash App platform. The agreement follows an investigation by NYDFS into the platform’s Anti-Money Laundering (AML) and cryptocurrency compliance operations. This marks another regulatory hurdle for the company founded by Twitter co-founder Jack Dorsey, who is also a prominent Bitcoin advocate.