Jack Dorsey's Block faces $764 million DOJ settlement as bitcoin profit plunges 50%

Block has agreed in principle to pay $764 million to resolve a U.S. Justice Department investigation into its anti-money-laundering controls. The proposed three-year deferred prosecution agreement addresses allegations that the company failed to maintain an effective program under the Bank Secrecy Act. Meanwhile, Block reported that its quarterly bitcoin gross profit fell 50 percent to $52 million due to lower transaction fees. Open article →