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Block

The U.S.&nbsp;Attorney’s&nbsp;Office is examining the financial transactions of Jack Dorsey’s Block.
NBC News <a href="https://www.nbcnews.com/business/personal-finance/prosecutors-examining-transactions-block-owner-cash-app-squarc-rcna147181" target="_blank" rel="noopener noreferrer nofollow">reported</a> that federal prosecutors spoke with a former employee about alleged widespread compliance violations at Square and Cash App, the company’s two main divisions.
Prosecutors want to&nbsp;determine&nbsp;whether the company failed to collect enough customer information to assess risks, whether Square processed transactions involving countries subject to economic sanctions, and whether Block processed cryptocurrency transactions for terrorist groups.
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Some&nbsp;transactions that interested prosecutors involved sanctioned countries such as <a href="https://crypto.news/tag/Cuba/" target="_blank" rel="noopener noreferrer nofollow">Cuba</a>, <a href="https://crypto.news/tag/Iran/" target="_blank" rel="noopener noreferrer nofollow">Iran</a>, <a href="https://crypto.news/tag/Russia/" target="_blank" rel="noopener noreferrer nofollow">Russia</a>, and Venezuela and occurred more recently.
Block’s spokesperson said the company has a responsible and extensive compliance program and regularly adapts its practices to respond to emerging threats and the changing regulatory sanctions environment.
<blockquote class="wp-block-quote">
 “Continually improving the safety and security of our ecosystem is a top priority for Block.&nbsp;We have been and remain committed to building upon this work, as well as&nbsp;continuing to invest significantly in our compliance program.” <cite>Block’s spokesperson</cite>
</blockquote>
At the end of February, <a href="https://crypto.news/tag/Block/" target="_blank" rel="noopener noreferrer nofollow">Block</a>, formerly known as Square, <a href="https://crypto.news/jack-dorseys-block-sold-2-52-billion-worth-of-btc-in-q4/" target="_blank" rel="noopener noreferrer nofollow">reported</a> $1.92 billion in Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) sales for the fourth quarter of 2021. The indicator exceeded the results of the third quarter but did not reach the results of the second quarter.
In the fourth quarter of last year,&nbsp;BTC worth $1.92 billion were sold&nbsp;through the Block Cash App, with profits amounting to $46 million.
Dorsey is also a supporter of BTC, believing that <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> will also lead to an excess of energy&nbsp;worldwide.
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US prosecutors investigate crypto transactions at Jack Dorsey’s Block

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