Jack Dorsey’s online payments company, Block Inc., confirmed in a recent filing with the Securities and Exchange Commission (SEC) that it is in discussions with the New York State Department of Financial Services (NYDFS).
The company is negotiating with New York regulators to resolve issues related to its Bitcoin
$92,656.55
programs and anti-money laundering (AML).
The filing, submitted on February 24, states that Block Inc. is addressing concerns about its compliance with the Bank Secrecy Act and its handling of cryptocurrency transactions. It also mentions that the company has set aside funds for a potential settlement.
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Block Inc. has been under scrutiny from regulators across multiple US states. Between January 2021 and March 2023, state regulators investigated its AML policies and found compliance issues.
In January 2024, the company reached a settlement with several state agencies, agreeing to pay $80 million in penalties without admitting or denying any wrongdoing. However, New York was not part of that agreement.
As part of its previous settlement, Block Inc. agreed to make improvements to its compliance program. This includes appointing an independent consultant to review its AML practices and creating a Compliance Management Committee to oversee necessary changes. Payments for the $80 million penalty are scheduled to be completed by February 2025.
Recently, Seán Murray, head of the financial news site deBanked, speculated that Jack Dorsey is Satoshi Nakamoto, Bitcoin’s creator. What were his claims? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
