Feds Are Investigating Jack Dorsey’s Block Over it’s Bitcoin Business

Furthermore, the report alleges that the company did not address such compliance lapses when alerted, and that “most” of the transactions in question—including those pertaining to Bitcoin transactions—were not reported to the government.

Block did not immediately respond to Decrypt‘s request for comment. The company provided the following statement to NBC News:

“Block has a responsible and extensive compliance program and we regularly adapt our practices to meet emerging threats and an evolving sanctions regulatory environment. Our compliance program includes systems, tools, and processes for sanctions screening, as well as investigating and reporting on sanctions issues in accordance with our regulatory obligations. Continually improving the safety and security of our ecosystem is a top priority for Block. We have been and remain committed to building upon this work, as well as continuing to invest significantly in our compliance program.”