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Block, Inc., the financial services company led by Jack Dorsey, will pay a $40 million penalty to the New York Department of Financial Services (NYDFS) over failures in its anti-money laundering and virtual currency compliance program, regulators announced Thursday. The settlement follows an NYDFS investigation that found Block’s Cash App platform had critical deficiencies in customer due diligence, risk-based controls, and transaction monitoring. These gaps, regulators said, left the platform vulnerable to criminal exploitation, particularly through largely anonymous Bitcoin ( BTC ) transactions that evaded proper scrutiny. “Compliance functions must keep pace with company growth or expansion,” NYDFS Superintendent Adrienne A. Harris said. “The rapid growth of Block’s Cash App absent a robust compliance function created risk and vulnerabilities that violated the rules financial services companies operating in New York must adhere to.” In addition to the fine, Block will be required to retain an independent monitor to oversee improvements to its compliance systems and ensure alignment with state regulatory standards. The company has been licensed to conduct money transmission in New York since 2013 and has held a virtual currency license under the state’s BitLicense regime since 2018. The enforcement action comes just months after Block paid $80 million to 48 state financial regulators over separate AML violations. According to the NYDFS, its latest probe revealed a backlog of unresolved transaction alerts between 2019 and 2020, which increased the risk of illicit financial activity on the platform. Block cooperated with the NYDFS throughout the investigation and has already begun investing in compliance remediation. The regulator’s consent order emphasizes that all financial institutions — crypto platforms included — must maintain effective controls to protect the integrity of the financial system.

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Malta’s Financial Intelligence Analysis Unit (FIAU) has issued a $1.2 million (€1.05 million) fine to Okcoin Europe Ltd following a 2023 compliance review that uncovered significant shortcomings in the company’s risk assessment procedures. The FIAU’s findings, released today, highlighted failures in money laundering risk assessments and transaction monitoring, though the exchange has since addressed these concerns. The audit revealed that OKX European subsidiary’s business risk assessment was insufficient to effectively evaluate threats related to money laundering and terrorist financing. Additionally, nearly half of the customer accounts reviewed lacked proper risk assessments, and roughly 80% of transactions, totaling over $20 million, were not adequately scrutinized. One case flagged by the FIAU involved a customer who, after minimal activity in previous years, suddenly deposited $1.8 million in under four months, far exceeding declared expectations. Despite clear red flags, Okcoin did not initially investigate these transactions, only freezing the account in 2022 after failed attempts to obtain documentation. Following these findings, the company has taken proactive steps to improve its compliance framework. 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。

CLS Global, a crypto market maker registered in the United Arab Emirates, has been hit with a $428,000 fine for wash trading of the FBI’s bait token NexFundAI. On April 2, a federal court in Boston sentenced CLS Global on criminal charges for manipulating trading volumes of NexFundAI token. NexFundAI is a bait token launched by FBI in March 2024 as part of a sting operation called “Operation Token Mirrors.” In October 2024, the U.S. Securities and Exchange Commission filed fraud charges against CLS Global and several other companies that had taken the bait, including ZM Quant Investment and Gotbit Consulting. MyTrade was also allegedly involved . The FBI reported that the operation led to the confiscation of $25 million in cryptocurrency, and several wash trading bots were shut down. In addition to the $428,000 fine, the court imposed a three-year probation on CLS Global, banning the company from offering services in the U.S. during this period. CLS Global had pleaded guilty to charges in January this year. According to a January report from Chainalysis , wash trading accounts for an estimated $2.57 billion in trading volumes within the crypto market. However, global efforts are underway to crack down on this practice, as well as broader market manipulation. One recent example is Galaxy Digital’s $200 million settlement last month, resolving allegations of manipulating the LUNA token following an investigation by New York regulators. Earlier, the SEC accused Justin Sun for manipulating the markets for BitTorrent ( BTT ) and Tron ( TRX ) through wash trading, giving the false impression of active trading and liquidity. However, the case has been put on hold .

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