Cash App's parent company Block, accused of misleading security claims, has agreed to pay a $45 million settlement.

BlockBeats News, July 9th, Cash App's parent company Block, Inc. has agreed to pay $45 million to settle charges brought by regulators in nearly all U.S. states. Regulators claimed that the company failed to adequately protect users from fraud and made misleading statements to users about the security of the Cash App.

According to a statement released on Wednesday by the Office of the New York Attorney General, Block, led by Jack Dorsey, marketed that Cash App provided security comparable to traditional banks, leading users to believe that their funds were protected similarly to bank deposits.

Regulators also alleged that Block lacked a unified, effective fraud monitoring system and failed to provide a readily-usable customer service hotline for users to report fraud.