Jack Dorsey’s Block (XYZ) Sets Aside $764 Million for DOJ Settlement as Bitcoin Profit Halves

Bitcoin Magazine Jack Dorsey’s Block (XYZ) Sets Aside $764 Million for DOJ Settlement as Bitcoin Profit Halves Block has agreed in principle to pay $764 million to resolve a Justice Department investigation into its anti-money-laundering controls, a sum larger than the $566 million profit the company reported for the third quarter. The agreement, reached in October and disclosed in a 10-Q filed Nov. 3 , would defer for three years a criminal charge that Block failed to maintain an effective anti-money-laundering program under the Bank Secrecy Act. The gross figure is about $964 million, reduced to $764 million after credits for earlier regulatory settlements.

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