Short-seller Hindenberg accused the popular digital payment service and its parent company of massively misrepresenting user numbers. Block has fired back.
Cash App is only available to users in the U.S. and United Kingdom. The company allows individuals to hold multiple different accounts, but says that’s a feature, not a bug. “Cash App is built to support customers who may want to maintain multiple accounts. For example, customers can maintain a separate business and personal account or can also maintain multiple personal accounts ,” the company noted in the Thursday memo.
It further claims that its “approach to compliance is consistent with other financial services platforms.”Following Block’s disclousure, the company’s stock is still far from a full recovery, but it is trending slightly upwards. Shares have risen
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