Consumer complaint received 2025-02-04 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Closing an account — Company closed your account
Company: Block, Inc.
State: TX

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX TX XXXX XXXX XXXX XX/XX/2024 Federal Trade Commission ( FTC ) Securities and Exchange Commission ( SEC ) Consumer Financial Protection Bureau ( CFPB ) Federal Bureau of Investigation ( FBI ) Internet Crime Complaint Center ( IC3 ) Subject : Formal Complaint and Request for Investigation XXXX  Fraud and Unjust Account Closures Dear Sir/Madam, I am submitting this formal complaint regarding significant financial losses due to cryptocurrency fraud and the subsequent unjust closure of my business and personal accounts by major financial institutions. I urge your agencies to investigate these matters and take appropriate enforcement actions. 

XXXX. XXXX Fraud Over {$80000.00} Lost I lost a total of {$80000.00} across multiple platforms, including Cash App, XXXX, XXXX, XXXX, and XXXX, due to fraudulent XXXX transactions. 

Cash App alone facilitated losses of approximately {$60000.00} over XXXX years. 
The fraud involved non-American, unregistered entities that should not have been permitted to transact on these platforms. 
Despite reporting the fraud, Cash App closed my account instead of taking corrective action, claiming they could not reverse the XXXX transactions. 
These platforms failed in their regulatory and compliance obligations to protect consumers from fraudulent activities. 
XXXX. Unjust Account Closures by XXXX Banks XXXX XXXX XXXX fraud, XXXX XXXX  XXXX and XXXX XXXX closed my business accounts, citing XXXX transactions. XXXX is also in the process of closing my personal account, where I receive my paycheck. 

These closures have severely impacted my ability to conduct business and maintain financial stability. 
As a XXXX XXXX and XXXX veteran, these actions have unfairly targeted me and caused undue financial hardship. 
I believe these banks acted without due cause or proper investigation, violating fair banking practices. 
Requested Actions : Federal Investigation into the Fraudulent XXXX Transactions How were these unauthorized transactions facilitated, and why were proper safeguards not in place? 
Review of Financial Institutions Compliance with Anti-Fraud and Consumer Protection Laws Did Cash App, XXXX, XXXX, XXXX, and XXXX violate financial regulations by allowing transactions with unregistered entities? 
Inquiry into Arbitrary Business and Personal Account Closures Did XXXX XXXX XXXXXXXX, XXXX XXXX, and XXXX violate fair banking practices by closing my accounts without due process? 
Restitution and Corrective Action I request intervention to recover lost funds and reinstate my closed accounts.

I have exhausted all internal dispute resolution options with these companies. Given the severity of my losses and the systemic issues involved, I ask that your agencies urgently investigate these matters and provide guidance on the next steps. 

I am available for any further information or documentation required. Please confirm receipt of this complaint and provide an update on the status of my claim at your earliest convenience. 

Sincerely, XXXX XXXX XXXX XXXX XXXX, XXXX XXXXXXXX XXXX XXXX  TX XXXX XXXX XXXX

Company response to consumer: Closed with explanation