State regulators found Block was not in compliance with certain requirements, creating the potential that its services could be used to support money laundering, terrorism financing, or other illegal activities.
According to the bureau, Cash App's weak security measures put consumers at risk and made it difficult for users to get help after experiencing fraud on the platform.
Cash App is also accused of tricking consumers into thinking that their bank, not Cash App, was responsible for handling disputes and that Cash App didn't offer "meaningful and effective" customer service.
How to regulate peer-to-peer money-transferring apps like Cash App is an ongoing fight. This week, NetChoice and TechNet sued to challenge the CFPB's handling of such platforms like banks.
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