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New York State’s Department of Financial Services (DFS) announced on April 10 that Block Inc. will pay a $40 million fine and hire an independent monitor, following findings of significant violations in the company’s anti-money laundering and virtual currency compliance systems related to its Cash App platform. The DFS found that Block’s rapid growth exceeded its capacity to establish adequate oversight, heightening the risk of illicit financial activity. The regulator said the company’s failures violated New York regulations for financial institutions and virtual currency firms. It cited weak internal controls over fiat and bitcoin transactions, including lapses in customer due diligence, sanctions screening, and monitoring for suspicious activity. By 2020, Block had accumulated a backlog of more than 169,000 unreviewed transaction alerts. Superintendent Adrienne A. Harris stressed: All financial institutions, whether traditional financial services companies or emerging cryptocurrency platforms, must adhere to rigorous standards that protect consumers and the integrity of the financial system. “Compliance functions must keep pace with company growth or expansion. 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. The Department is taking decisive steps to ensure accountability, including the appointment of an independent monitor to oversee corrective measures,” she continued. In Block’s consent order, DFS provided further violation details, including the company’s failure to screen transactions with potential links to terrorism until a recipient wallet’s exposure exceeded 10%, and its inadequate treatment of anonymizing services like mixers. The DFS claimed: The AML program run by Block … failed to adequately consider the substantial risks posed to an entity of its new size and complexity. The order also revealed that between 2018 and 2021: “Block had accumulated a transaction monitoring backlog of approximately 18,000 alerts, which grew to over 169,000 by 2020.” DFS added that “between February 2021 and September 2022 … SARs, for both bitcoin and fiat transactions, were at times filed over a year after the alerts were first generated.” Block’s risk rating for transactions involving mixers was also cited, as DFS noted that despite guidance: “Block risk rated transactions identified as having exposure to mixers as ‘medium’ risk, rather than the ‘high’ risk rating that is appropriate.” 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。

Bitcoin advocate Samson Mow, who serves as chief executive officer of the bitcoin infrastructure firm JAN3, commented on social media platform X this week about the U.S. government’s decision to significantly raise tariffs on Chinese imports and its potential impact on bitcoin’s price. The Trump administration announced on April 10 that total duties on goods from China now stand at 145%, a measure that is already in effect following a 90-day pause on tariff actions involving other nations. Mow linked the move to broader financial impacts, particularly a potential rise in interest rates and a bullish outlook for bitcoin. He wrote: Countries with a trade surplus will invest those surpluses in U.S. Treasuries. Less surplus means less demand for USTs, which means rates rise. Bitcoin is going so much higher. He continued: “I honestly can’t tell if the goal is lowering the 10-year rate to refinance debt on better terms, or if the goal is to increase rates so we accelerate into hyperbitcoinization.” Mow also criticized the notion that high tariffs would bring manufacturing jobs back to the United States, noting systemic obstacles. In a post shared on April 9, he stated: “I have yet to hear exactly how high tariffs with China (being presented as a win) will revitalize jobs and production in the U.S., given input costs for raw materials and components will be up, a lack of engineering skills, and virtually no manufacturing infrastructure.” The executive also slammed Treasury Secretary Scott Bessent’s suggestion that small businesses could lead industrial rebuilding amid rising tariffs. He questioned how Main Street could fund factory construction, hire workers, or build infrastructure under current economic conditions, calling such expectations unrealistic. Responding to Bessent’s recent comments about potentially delisting Chinese stocks from U.S. exchanges, Mow warned of broader consequences. “This quip from Bessent has second-order effects yet to play out. While obvious to bitcoiners, normies presume that centralized systems will always work in their favor, which is just not true. If Chinese stocks could be removed from U.S. exchanges, why would Chinese investors feel comfortable investing in U.S. securities either? USTs are already losing their place as a safe haven.” Mow predicted: Once the reasoning is worked through, I see a massive flight of Chinese capital to bitcoin. That will only be compounded by RMB devaluation. 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。

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https://github.com/BitgetLimited/proof-of-reserves

[Important] Bitget announcement: Delisting of NULSUSDT,TROYUSDT for futures trading and futures trading bots | Bitget Support Center https://www.bitgetapps.com/support/articles/12560603825302?appVersion=2.53.0&time=1744419879351&androidSdk=24&language=en_US&appTheme=standard