Prosecutors are seeking to investigate whether the company neglected to gather adequate customer information for risk assessment, processed transactions involving countries under economic sanctions, and handled cryptocurrency transactions for terrorist groups. The spokesperson for Block stated that the company maintains a comprehensive compliance program and adjusts its practices to address evolving threats and changing regulatory sanctions.
They emphasized that enhancing the safety and security of their ecosystem is a top priority. In the fourth quarter of the previous year, BTC worth $1.92 billion were sold through the Block Cash App, resulting in profits of $46 million – exceeding the third quarter results but falling short of the second quarter figures.