Jack Dorsey's Block is reportedly under Feds investigation for compliance issues, including with its Bitcoin business.

Amid an apparently growing crackdown on the crypto industry from American regulators, U.S. prosecutors are reportedly investigating Block, the Jack Dorsey-founded company behind Square and Cash App.

Federal prosecutors have been probing the internal processes of the company—including its crypto business—according to a report from NBC News published Wednesday, citing two sources familiar with the investigation.

Prosecutors are reportedly investigating "alleged widespread and yearslong compliance lapses," per the report, guided by a former employee who provided information regarding such issues.

Block allegedly handled crypto transactions from terrorist groups, the report claims, and otherwise handled "thousands of transactions" from economically sanctioned countries such as Iran, Russia, Cuba, Iran, and Venezuela.

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Furthermore, the report alleges that the company did not address such compliance lapses when alerted, and that "most" of the transactions in question—including those pertaining to Bitcoin transactions—were not reported to the government.

Block did not immediately respond to Decrypt's request for comment. The company provided the following statement to NBC News:

“Block has a responsible and extensive compliance program and we regularly adapt our practices to meet emerging threats and an evolving sanctions regulatory environment. 

Our compliance program includes systems, tools, and processes for sanctions screening, as well as investigating and reporting on sanctions issues in accordance with our regulatory obligations. 

Continually improving the safety and security of our ecosystem is a top priority for Block. We have been and remain committed to building upon this work, as well as continuing to invest significantly in our compliance program.”

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