Dorsey's Block Plans to Shut Its Cash App Platform in the UK.

Block Inc.'s consumer-payments platform, Cash App, will be closing its operations in the UK on September 15. The UK was Cash App's first international market when it launched in 2018. The decision to close the platform is part of Cash App's strategic approach, which prioritizes its focus on the United States and deprioritizes global expansion. Cash App, launched in 2013, is a well-known arm of Block, the fintech company led by Jack Dorsey. The announcement comes after US financial regulators probed Cash App in February following allegations of inadequate due diligence on customers. Block reported a gross first-quarter profit of $2.09 billion, with $1.26 billion generated by Cash App globally. [Extracted from the article]