Jack Dorsey’s Block Faces Scrutiny Over Financial Transaction Practices
Federal prosecutors in the United States are scrutinizing Block , a significant player in the financial technology sector co-founded by Jack Dorsey , one the minds behind Twitter. This inquiry stems from a disclosure made by a former Block employee who handed in a whopping 100 pages of documentation. These papers outline what the employee alleges to be compliance deficiencies within Square and Cash App, two key entities under Block ’s umbrella. Failure to Report Transactions The documents provided to prosecutors from the Southern District of New York reportedly shed light on the inadequate data collection practices from customers. They suggest that Block facilitated numerous transactions involving countries subject to U.S. economic sanctions, such as Cuba, Iran, Russia, and Venezuela. Additionally, the former employee claims that Block processed cryptocurrency transactions for entities associated with terrorist organizations. The whistleblower further asserts that Block ...