Tech
Jack Dorsey’s blocking is reportedly under investigation in the United States
After Binance AND CoinbaseUS authorities have reportedly opened an investigation into the cryptocurrency business of Jack Dorsey’s payments company Block. US authorities have reportedly identified compliance violations by the fintech company which has now opened a deeper investigation into its business practices. For some time, US authorities have maintained strict control of companies dealing with or offering services related to cryptocurrencies. In the United States, the industry is poorly regulated, and authorities fear that cryptocurrencies could be misused for illegal activities such as money laundering and terrorist financing.
Dorsey, the founder and former CEO of X, runs two other companies under Block called Cash and Square. Investigating officers reportedly collected documents from both of these units. The documents obtained show that these platforms did not collect extensive information about their users before offering them financial services that included cryptocurrency-related activities, NBC News reported She said in his report he cites anonymous sources familiar with the matter.
Investigators further stated that To block the platform has processed multiple crypto transactions even from nations that are part of the US sanctions list. Investigators said Dorsey’s platforms failed to report potentially suspicious credit card transactions and dollar-to-BTC transfers to the U.S. government as required.
It was a former Dorsey employee who first alerted US authorities to gaps in the business operations of Block and its subsidiaries. The documents printed on more than a hundred pages were handed over to US officials by this former Block employee, the report adds. For now, Dorsey has not addressed the situation, leaving the news neither confirmed nor denied.
Recently, Block claimed that it has completed the creation of a 3nm bitcoin mining chip that aims to decentralize the supply of BTC mining hardware. The platform now plans to work on a complete Bitcoin mining system.
In February of this year, Dorsey disclosed that Block held 8,038 BTC at the end of the fourth quarter of 2023. At the time, this holding was worth $340 million (approximately Rs. 2,818 crore).
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