The company has announced that it aims to find a solution under acceptable conditions with NYDFS. Block, on February 24, said in a regulatory file, NYDFS ongoing talks, bank Privacy Law and AML programs, such as the debate on many issues, he said.

In this process, Block stressed that NYDFS offered a compromise in January 2023, but the talks are still continuing. However, it was stated that the obligations against the company were taken into consideration and that these obligations were too small to affect the financial consequences of 2024.

Block was examined by the money transfer regulators of multiple US states between January 2023 and March 2023.

As a result of the relevant investigations, deficiencies were detected in the AML program of the company, especially in terms of adaptation to the Bank Privacy Law said. These investigations accelerated the company’s process of finding solutions with organizers.

Block provided a compromise agreement in January with more than one state’s money transfer regulator to relieve these deficiencies. However, the New York province was not included in this agreement.

Block did not accept or refuse any guilt, but reached an agreement with the states to solve these deficiencies and agreed to pay an $ 80 million criminal payment.

This payment is expected to be completed in February 2025. Reconciliation conditions include the appointment of an independent consultant to review and improve the company’s AML program and a compliance management committee controls the implementation of these corrective measures.

On the other hand, Block’s payment platform Cash App was recently investigated by the Consumer Financial Protection Bureau (CFPB). This investigation aimed to examine how CASH App handled customer complaints and conflicts.

Block agreed to pay a civilian penalty of $ 55 million for the Cash App and decided to pay compensation between 75 million and $ 120 million to the affected customers.

In addition, Block is experiencing a tax dispute with San Francisco Municipality and tax collector, who controls tax revenues between 2020-2022. San Francisco claimed additional tax debts, claiming that more taxes should be received from Bitcoin revenues.

Block draws attention as a company that faces problems with various legal, regulatory and tax issues. Although the company does not accept these charges, it is seen that she is looking for solutions with the regulators and trying to make agreements in a way that does not affect its future financial situation.

These examinations on Block’s regulations on Bitcoin and other digital currencies are an important example in a period of an increase in the regulatory pressure on the crypto currency sector.