Digital payments company Block Inc. has agreed to a $40 million settlement with New York regulators due to alleged compliance misconduct related to its Cash App platform. The New York Department of Financial Services (NYDFS) found that Cash App violated consumer protection laws and failed to properly monitor high-risk Bitcoin transactions. The investigation revealed that Block was slow in reporting suspicious transactions and did not adequately screen its customers. While Block confirmed it worked with NYDFS to resolve the issues linked to Cash App’s past compliance program, it did not admit to any wrongdoing. Despite the regulatory challenges, Block's business appeared robust at the end of 2024, with company revenues increasing by approximately 4.5% year-over-year. Cash App recorded significant growth, with $1.38 billion in gross profit in the fourth quarter, supported by over 57 million monthly users. However, Block's share price has seen a decline of over 37% this year amid broader market trends.

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