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Block fined $40m as NY takes aim at fintech compliance failures

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Photo: Gary Hershorn/Getty Images

Vlada Gurvich

4 min read
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The fintech firm behind Cash App faces regulatory heat over anti-money laundering lapses and crypto oversight shortcomings.

Block, the financial services firm formerly known as Square, has been hit with a $40m penalty by New York’s Department of Financial Services (NYDFS) for what regulators called “serious compliance deficiencies.”

The infractions center around Cash App, Block’s popular peer-to-peer payment service, which allegedly failed to keep up with

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