Verse, a European mobile payments provider owned by Jack Dorsey’s $50 billion fintech giant Block, has been told by its financial regulator to address concerns about money laundering and checks on the identities of users. If it doesn’t, it risks a penalty, including a fine,Acquired by Block in 2021, Barcelona-based Verse is much the same as Cash App, the payments company under which it operates, providing a quick and easy way to transfer funds over a mobile device.
Cash App’s communications team, which also represents Verse, declined to comment on the bank’s action. “If you have the license revoked, it would be very difficult to see how you could quickly get back into business.”While the Bank of Lithuania published a short release on its issues with Verse in December, there was no mention of Cash App or its owner Block. This is the first time Cash App’s involvement in the bank’s order has been made public. Block, a public company listed on the New York Stock Exchange, had not mentioned it in any SEC filings.
The Bank of Lithuania spokesperson Sniukas said he was unable to reveal what spurred the bank into making the order. He confirmed that if any company fails to address the bank’s concerns, it could result in either a fine or a suspension of the banking license, though that’s a much rarer outcome due to the severity of the measure.
iblametom Damn Elon goons, leave Jack alone.