Jack Dorsey's Block Inc. Races to Settle with New York Over Compliance Issues

The company is negotiating with New York regulators to resolve issues related to its Bitcoin BTC $87,644.54 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.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Aurora in Crypto? NEAR Protocol Token Explained (ANIMATED)

SUBSCRIBE

ON YOUTUBE

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.