Florida regulator fines Square $500k

Florida regulator fines Square $500k

Square has been hit with a $507,000 fine by the Florida Office of Financial Regulation for operating in the state without a money transmitter license.

In an order dated 24 July, Square consented (without admitting or denying) to the regulator's finding that it had engaged in business as a money transmitter in Florida without first getting a license.

According to the South Florida Business Journal, which first reported the order, Square applied for a license in November but was hit with the fine because it had already been operating in the state since early 2010.

The office agreed to grant the license once Jack Dorsey's firm paid the half million dollar fine - by wire transfer.

Earlier this year Square was hit with a cease and desist order in Illinois for violating the Transmitters of Money Act for failing to secure a license.

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