7 days ago
Block, the crypto company that operates Cash App, was fined $40 million by New York’s financial regulator for failing to monitor and restrict money laundering on its platform. Block, formerly called Square, is owned by co-founder Jack Dorsey. New York’s Department of Financial Services (DFS) cited money laundering flaws, know-your-customer gaps, and issues relating to the Bank Secrecy Act. In January, the company agreed to pay a fine of $80 million to multiple states for similar problems. The DFS argued that Block did not have adequate risk assessments regarding the nature of their transactions, allowing gaps for illegal transactions such as terrorism funding. Cash App began offering Bitcoin transactions in 2018 and, according to the DFS, did not create enough oversight to monitor the types of transactions being processed. Cash App has experienced exclusive growth since that time, making it a particularly vulnerable platform for money laundering. Block has been ordered to seek outside help to monitor its transactions on Cash App and improve its service. The DFS concludes that Block had loose transaction standards and that, as a result, anonymous transactions were being processed regularly. “This marks the resolution”, said Block spokeswoman, “of all previously pending state money transmission license matters. The department has acknowledged that Cash App has devoted significant financial and other resources to compliance remediation and enhancements. We share the department’s dedication to addressing industry challenges and remain committed to investing across our operations to help promote a safe and healthy financial system”. Adrienne Harris, DFS superintendent, announced the $40 million fine against Block for its anti-money laundering procedures and virtual currency compliance deficiencies. The fines relate to the Cash App platform, owned by Block. Harris points out that the company failed to monitor transactions adequately and had no procedure to identify customers properly. As part of the settlement with Block, the company must hire an external monitor to help it overcome these issues. There has also grown a large backlog of issues due to the company’s rapid growth. Block has responded to the charges and states that they disagree with the verdict but are committed to improving their service. The DFS reported that between 2018 and 2021, Cash App had accumulated many backlogs. In 2020, the number of logs grew to over 169,000. Response times were especially dismal, with some alerts taking over a year for Cash App to respond. DFS also had an issue with Block’s annotation of transactions. Block would label transactions associated with mixers as medium risk. Meanwhile, the DFS believes those transactions should be labelled as high risk.
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Cryptocurrency News Bitcoin News Ethereum News Jack Dorsey
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Dogecoin price prediction as whales dump 570 million DOGE in a week
Despite its elevated position as the world’s premier meme coin, Dogecoin ( DOGE ) has been struggling in the 2025 cryptocurrency market , with the latest trend demonstrating a massive whale exodus. Specifically, large Dogecoin holders dumped a massive 570 million DOGE, worth approximately $88.8 million at press time, within a single week, as the prominent on-chain analyst Ali Martinez revealed in an April 18 X post. Whales have unloaded over 570 million #Dogecoin $DOGE in the past week! pic.twitter.com/rBhd4beokH — Ali (@ali_charts) April 18, 2025 Considering the extensive selling and the fact that Dogecoin is, with its press time price of $0.15586, 50.70% down in the year-to-date (YTD) chart, with the recent trends being, at best, of stagnation, the question of where the meme coin is headed is more than open. Technical analysis insights into Dogecoin’s next move The basic technical analysis ( TA ) indicators are, unfortunately, inconclusive for hopeful DOGE traders. The relative strength index ( RSI ), for example, reveals that the cryptocurrency is in a neutral position with a reading of 44.33. Similarly, the meme coin is roughly equidistant from both its nearest support level at $0.153 and its nearest resistance level at $0.159, though both levels indicate where investors might anticipate a breakout. Does community optimism hint at a bearish breakout for DOGE? Elsewhere, recent community analyses Finbold retrieved from the TradingView trader network paint a more bearish picture. Earlier in April, multiple members noted that Dogecoin is bouncing off a supply zone, indicating it could enjoy a bullish breakout. Despite this, DOGE had, by press time on April 18, fallen slightly below its launchpad levels above $0.157, and the more long-term charts demonstrate that the cryptocurrency’s stability has been only ephemeral since the start of 2025. If the recent patterns remain strong, Dogecoin can be expected to drop below $0.15, with the trend pushing it toward $0.14. Still, if it retains stability at its current levels, there is a strong possibility it may soar once again towards $0.17. Featured image via Shutterstock The post Dogecoin price prediction as whales dump 570 million DOGE in a week appeared first on Finbold . ZyCrypto
OM Coin Seeks Recovery as Market Holds Steady
BTC remains stable at $84,500 with weak trading volumes. OM Coin`s CEO announces plans for token burn and buyback program. Continue Reading: OM Coin Seeks Recovery as Market Holds Steady The post OM Coin Seeks Recovery as Market Holds Steady appeared first on COINTURK NEWS . ZyCrypto
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