Cash App Withdraws License Application from Central Bank of Ireland

Cash App, a peer-to-peer money transfer service under Jack Dorsey’s Block, has withdrawn its license application from the Central Bank of Ireland. The application was for a Virtual Asset Service Provider (VASP) license which would have allowed the company to offer cryptocurrency services in the country.

A Shift in Plans

According to filings with the Companies Registration Office (CRO), Cash App has stated that it does not currently have any plans to launch new products in Ireland. This comes after the company pulled its license application back in May. A representative from Block confirmed the withdrawal, but made no additional comments regarding the company’s plans for Europe.

The move to withdraw the license application is seen as a step back from the company’s earlier efforts to expand into Europe. Cash App, which is active in the US and UK markets, has been working with a Dublin-based team since 2021 to potentially launch its services in Ireland and the rest of the EU.

A Trend Among Fintech Companies

Cash App is not the only fintech company to withdraw a license application in Ireland. Alviere, a US-based embedded finance company, and Vivid Money, a German competitor to Revolut, also withdrew their electronic money applications earlier this year.

Block’s Presence in Europe

Despite the withdrawal, Block, Cash App’s parent company, continues to maintain a presence in Europe. Its other company, Square, was granted an e-money license by the Central Bank of Ireland in 2020 and has been operating in the Irish, Spanish, and French markets. Square’s European headquarters are located in Dublin, and it is expected to announce a new head for its Dublin operations in the upcoming weeks.

Changes in Leadership

There have also been recent changes in the leadership at Square. The company’s CEO, Alyssa Henry, stepped down recently, with Jack Dorsey taking over the role in addition to his duties as the CEO of Block. Dorsey, who is also known for co-founding Twitter, recently parted ways with the social media platform following its acquisition by Elon Musk.