Block Inc. agreed to pay $45 million to settle multi-state regulatory allegations over false security promises on Cash App.
Regulation & Gov ·
Block Inc. has agreed to a $45 million settlement to resolve allegations brought by regulators across nearly every U.S. state concerning its Cash App platform. The multi-state action centers on claims that the company made misleading representations about the security protections available to users of the payments application.
The settlement represents a coordinated enforcement action spanning state-level regulatory bodies, reflecting concerns about consumer-facing claims made by the payments provider. The specific nature of the alleged misrepresentations and the timeline for payment have not been detailed in available reporting.
The scope of the agreement across nearly all states underscores the breadth of the regulatory scrutiny, though details regarding any ongoing compliance obligations, admission of wrongdoing, or other settlement terms remain unclear.