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US Federal Prosecutors Investigate Block Inc. for Compliance Violations
US federal prosecutors are conducting an investigation into Block Inc., the fintech company founded by Twitter co-founder Jack Dorsey. The investigation follows allegations of compliance violations at Block's payment arms, Square and Cash App. A whistleblower has provided documents showing that Block processed transactions for users in countries subject to economic sanctions and facilitated crypto transactions for terrorist groups. The company is accused of failing to address these breaches despite being alerted to them.
Judge Dismisses Antitrust Suit Against Apple Over Apple Cash
US District Judge has dismissed an antitrust lawsuit targeting Apple, where Venmo and Cash App users claimed Apple Cash had an anti-competitive edge.
Jack Dorsey's Block Appoints MIT's Neha Narula to Board of Directors
Block, Inc., led by Jack Dorsey, has appointed Neha Narula, Director of the Digital Currency Initiative at MIT Media Lab, to its Board of Directors. Narula's expertise in Bitcoin and open source technology aligns with Block's mission of economic empowerment.
Former CTO of Square and Creator of Cash App Dies in San Francisco Stabbing
Bob Lee, former CTO of Square and creator of Cash App, died after being stabbed in San Francisco on April 4. The CEO of Abra confirmed the news on Twitter, and Jack Dorsey also expressed his condolences on the decentralized social media platform Nostr.
Cash App Integrates TaxBit for Streamlined Crypto Tax Reporting
Cash App has integrated TaxBit into its services, allowing Bitcoin holders to easily report their taxes. Cash App users can track their Bitcoin transactions for tax reporting purposes through TaxBit’s platform. TaxBit simplifies tax reporting for everyone who has integrated digital assets into their portfolio. The IRS set Jan. 23 as the start of the 2022 tax filing season and reminded taxpayers of their crypto income reporting obligations, including capital gains from trading, mining, and staking activities.
Cash App Introduces Bitcoin Transactions via Lightning Network
The payment processing app created by Block Inc, Cash App, has now accepted bitcoin transactions, enabling users to both send and receive Bitcoin via the lightning network.
Block's Q2 Earnings Beat Expectations
Block, formerly Square, generated $4.4 billion in total revenue in the second quarter of 2022, beating FactSet's average analyst estimate of $4.3 billion.
Block Q1 BTC Revenue Plunges 51% Amid General Market Turbulence
Block Inc’s Cash App recorded a total Bitcoin (BTC) sale of $1.73 billion in the first quarter of 2022, a figure that plunged by over 51% from the prior quarter
CashApp Accepts Users to Invest their Earnings in Bitcoin
CashApp, one of the world’s most popular payment applications, has announced the integration of a new feature that will permit its users to convert their paycheck to Bitcoin automatically.
Block's Cash App to Allow Free Bitcoin Transactions With Lightning Network
Block, formerly known as Square, owned Cash App will now allow US users to send bitcoin for free globally following its integration with the Lightning Network.