Square Hit With Cease-and-Desist Order and Massive Fine in Illinois
Square is facing a cease-and-desist order and a huge fine in the state of Illinois, according to a regulatory filing made in January and released today.
Square is facing a cease-and-desist order and a huge fine in the state of Illinois, according to a regulatory filing made in January and released today.
Ride-sharing apps have also been hit with cease-and-desist orders and fines by regulators who see them as car services rather than technology through with drivers and riders come to private arrangements.
In Illinois, “transmitting money” requires a license.
“No person may engage in this State in the business of selling or issuing payment instruments, transmitting money, or exchanging, for compensation, payment instruments or money of the United States government or a foreign government to or from money of another government without first obtaining a license under this Act,” the law further states.
Square,
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