VUZI - Bitcoin Transaction Investigation By DOJ Addressed By Block CEO Jack Dorsey: 'We Take Compliance Seriously' | Benzinga
Block Inc. (NYSE:SQ) CEO Jack Dorsey addressed a potential Department of Justice investigation during the company’s first-quarter earnings call on Thursday.
What Happened: Dorsey clarified that the company had proactively investigated potential threats in 2022, leading to a thorough review of transactions possibly linked to sanctioned countries.
Dorsey stated, “In 2022, our compliance engineering risk team who proactively investigate threats identified signals that lead us to conduct a thorough review of transactions potentially associated with sanctioned countries.”
According to Dorsey, these transactions were voluntarily reported to the Office of Foreign Assets Control, and the company received a no-action letter from OFAC, indicating no further investigation or action was required at the time.
Regarding the prevention of tariff financing through Bitcoin (CRYPTO: BTC), Dorsey highlighted the company’s robust control environment, including the use of leading blockchain analytics firms to screen transactions in real time and maintaining some of the most restrictive limits in the industry for on-chain Bitcoin ...