Block, Inc. Fined $40M Over Cash App’s Bitcoin AML Failures

Block, Inc., the fintech firm led by Twitter co-founder Jack Dorsey, has agreed to pay a $40 million penalty to the New York Department of Financial Services (NYDFS) for significant lapses in its anti-money laundering (AML) compliance program. The settlement highlights regulatory scrutiny over cryptocurrency transactions, particularly involving Bitcoin, on Block’s widely used Cash App platform.

NY Regulators Fine Block, Inc. $40M for Cash App AML Violations

Block, Inc., led by Jack Dorsey, has settled with the New York Department of Financial Services (NYDFS) for $40 million due to substantial weaknesses in its anti-money laundering (AML) program. The investigation found that Block Inc. improperly managed high-risk Bitcoin transactions through its Cash App platform. As part of the settlement, Block has appointed an independent monitor and agreed to improve its AML compliance.

New Hampshire House Passes Bitcoin Reserve Bill

The New Hampshire House has passed a bill that would authorize the state treasurer to allocate up to 10% of the state’s general fund into digital assets, including Bitcoin (BTC). The bill passed with a close vote of 192-179 and now heads to the Senate for further debate. If signed into law, HB302 would also allow for the inclusion of precious metals such as gold, silver, and platinum in the reserve.

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Bitcoin Faces Resistance After 2.5-Month Correction Phase

Bitcoin has entered a prolonged correction phase that has lasted nearly 2.5 months, echoing its earlier 2024 market retreat. This retracement mirrors the percentage decline witnessed earlier this year, indicating a similar bearish trend. BTC risks breaking its 4-year high and potentially falling below $63,000, signaling an uncertain future for long-term investors. However, analysts predict that BTC could retest the $83,500 resistance level, with a breakout potentially leading toward an all-time high of $109,000.

Florida Takes First Step to Adopt Bitcoin as State Reserve Asset

Florida has joined the race to adopt Bitcoin as a state-held asset, with the House Bill 487 (HB 487) passing through the House Insurance and Banking Subcommittee with unanimous support on April 10. The bill proposes allowing Florida’s Chief Financial Officer and State Board of Administration to invest up to 10% of key public funds, including the General Revenue Fund and Budget Stabilization Fund, into Bitcoin. It outlines strict custody, security, and compliance protocols. Arizona and New Hampshire are also considering similar measures.