Coinspeaker
Block Inc in Talks with Regulators Over Compliance Woes
American Financial Services and technology company Block Inc (NYSE: XYZ) is working to settle a case with the top New York regulatory agency. According to reports, the technology company is in talks with the New York State Department of Financial Services (NYDFS) to settle its Bitcoin and anti-money laundering compliance violations.
Legal Battle with Regulators Far from Over
It is worth mentioning that this issue has been ongoing for years. Reports show that the litigation started between 2021 and 2023 when the SEC filed a petition against Block over compliance problems.
Earlier this year, the US market leader in point-of-sale systems paid $80 million to settle cases with several state regulators. The company also revealed that it hired an independent consultant to help overhaul its anti-money laundering policies at the time.
However, NYDFS was not included in the $80 million settlement deal because the fi
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