Jack Dorsey’s Block faces $764 million DOJ settlement as bitcoin profit plunges 50%
Summary
Jack Dorsey’s company Block is negotiating a multimillion-dollar federal settlement to resolve an ongoing anti-money-laundering investigation by the Department of Justice. At the same time, the firm experienced a sharp fifty percent drop in its quarterly bitcoin gross profit, driven by reduced trading fees on Cash App.
The proposed agreement would resolve a federal anti-money-laundering investigation, while lower Cash App trading fees halved Block's quarterly bitcoin gross profit.
Source: Read the full story at CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
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