Block agrees to pay $45.00 million to settle claims of promoting Cash App security as equivalent to traditional banks.

ChainCatcherJul 9, 2026
#Crypto Stocks XYZ-1.30%
Block, the parent company of Cash App, has agreed to pay $45 million to settle allegations with regulators from nearly 50 U.S. states regarding its allegedly misleading security claims and inadequate anti-fraud measures.

Regulators alleged that Block marketed Cash App as offering fund security comparable to traditional banks, yet failed to establish a robust fraud detection system or provide an effective hotline for reporting scams, resulting in users suffering financial losses from fraud. Additionally, regulators accused Block of continuing its marketing campaigns despite being aware of rising fraud incidents and of amplifying fraud risks in its promotional activities.

Under the settlement agreement, Block must enhance its customer support services by providing 24/7 live customer service and cease making related claims about Cash App’s security.

Block denies any wrongdoing, stating that the settlement addresses previously disclosed legacy issues.

[ChainCatcher]

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Block agrees to pay $45.00 million to settle claims of promoting Cash App security as equivalent to traditional banks.

ChainCatcherJul 9, 2026
#Crypto Stocks XYZ-1.30%
Block, the parent company of Cash App, has agreed to pay $45 million to settle allegations with regulators from nearly 50 U.S. states regarding its allegedly misleading security claims and inadequate anti-fraud measures.

Regulators alleged that Block marketed Cash App as offering fund security comparable to traditional banks, yet failed to establish a robust fraud detection system or provide an effective hotline for reporting scams, resulting in users suffering financial losses from fraud. Additionally, regulators accused Block of continuing its marketing campaigns despite being aware of rising fraud incidents and of amplifying fraud risks in its promotional activities.

Under the settlement agreement, Block must enhance its customer support services by providing 24/7 live customer service and cease making related claims about Cash App’s security.

Block denies any wrongdoing, stating that the settlement addresses previously disclosed legacy issues.

[ChainCatcher]

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