Jack Dorsey's Block faces $764 million DOJ settlement as bitcoin profit plunges 50%
Source: CoinDesk ·
From the source
The proposed agreement would resolve a federal anti-money-laundering investigation, while lower Cash App trading fees halved Block's quarterly bitcoin gross profit. Jack Dorsey's payments company Block has agreed in principle to pay $764 million to resolve a U.S. Justice Department investigation into its anti-money-laundering controls — a proposed settlement larger than the $566 million profit it reported for the third quarter. The agreement, reached in October and disclosed in a November 3 SEC filing viewed by CoinDesk, would defer for three years a criminal charge alleging that Block failed to maintain an effective anti-money-laundering program, as required under the Bank Secrecy Act. The proposed resolution carries a gross monetary component of approximately $964 million, reduced to $764 million after credits for earlier regulatory settlements. Block has already set aside the latter amount, it said in the filing. The investigation dates to 2023, when the Justice Department and…
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