Square Fined $500K In Florida

The Florida Office of Financial Regulation announced on August 15 that it fined mobile point-of-sale (mPOS) giant Square $507,000 in July for previously operating in the state without a money transmitter license, Finextra reported.

Square applied for the license in 2010, but was penalized for operating in the state before it formally filed to do so.

The San Francisco-based startup consented to the fine and paid via wire transfer. For more on this story, click here