Jack Dorsey’s Block (XYZ) Sets Aside $764 Million for DOJ Settlement as Bitcoin Profit Halves
Headline from Bitcoin Magazine
Key points
- Block has reached an agreement in principle for a $764 million deferred-prosecution settlement with the Department of Justice regarding anti-money-laundering shortcomings at Cash App.
- This penalty sum surpasses the firm's $566 million third-quarter profit.
- Additionally, Block experienced a 50% drop in its gross profit from bitcoin following recent reductions to its crypto trading fee structure.
Summarized automatically by Kryptokite from reporting by Bitcoin Magazine. Read the original sources for full detail.
Coins mentioned
Sources
- Bitcoin MagazineJack Dorsey’s Block (XYZ) Sets Aside $764 Million for DOJ Settlement as Bitcoin Profit Halves · 48 minutes agoRead on Bitcoin Magazine
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