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Block may pay $764 million to settle DOJ money-laundering probe as bitcoin profit halves
Block faces a proposed $764 million agreement with the US Department of Justice to resolve an AML investigation. Its quarterly bitcoin gross profit fell by about half.
HighRisk Media Newsroom, , 1 min read · Читать по-русски
Block, led by Jack Dorsey, may pay about $764 million under a proposed agreement with the US Department of Justice. The settlement would resolve a federal investigation into anti-money-laundering (AML) compliance.
According to the source, lower trading fees on Cash App were one of the reasons for the decline. Block's quarterly gross profit from bitcoin transactions fell by roughly 50%.
Editorial comment
For operators of payment and crypto services, this is an example of how AML investigations can end in multimillion-dollar settlements. Lower fees also directly affect the profitability of crypto operations.
Sources
Prepared by AI from the sources above and checked against them. Spotted a mistake? Write to @highrisk_team.
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AMLBlockCash AppBitcoinDOJCrypto compliance