Block to pay $45.00 million to settle multi-state allegations of security misrepresentation regarding Cash App

TechFlowJul 8, 2026
#Crypto Stocks XYZ-1.30%
On July 9, according to The Block, Block agreed to pay $45 million to settle with regulatory authorities from nearly 50 U.S. states.

Regulators alleged that Block’s Cash App overstated the platform’s security safeguards, describing them as offering fund protection comparable to that of traditional banks—yet failing to effectively prevent fraud and lacking adequate customer support and fraud reporting channels.

Under the settlement agreement, Block must enhance its customer service, provide 24/7 real-time support, and cease making misleading statements regarding platform security. Block denies any wrongdoing.

[TechFlow]

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Block to pay $45.00 million to settle multi-state allegations of security misrepresentation regarding Cash App

TechFlowJul 8, 2026
#Crypto Stocks XYZ-1.30%
On July 9, according to The Block, Block agreed to pay $45 million to settle with regulatory authorities from nearly 50 U.S. states.

Regulators alleged that Block’s Cash App overstated the platform’s security safeguards, describing them as offering fund protection comparable to that of traditional banks—yet failing to effectively prevent fraud and lacking adequate customer support and fraud reporting channels.

Under the settlement agreement, Block must enhance its customer service, provide 24/7 real-time support, and cease making misleading statements regarding platform security. Block denies any wrongdoing.

[TechFlow]

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