Block Inc., founded by Jack Dorsey, has agreed to a $40 million settlement with the New York Department of Financial Services (NYDFS) over alleged compliance violations related to its Cash App platform. The NYDFS found that Cash App failed to adhere to consumer protection laws, inadequately monitored high-risk Bitcoin transactions, and delayed reporting of suspicious activities. While Block confirmed their cooperation with NYDFS in resolving the compliance issues, they did not admit any wrongdoing. This settlement follows other financial penalties imposed on the company regarding alleged deficiencies in its Anti-Money Laundering (AML) program. Despite these regulatory challenges, Block's business performance in 2024 remained strong, with a revenue increase of about 4.5% year-over-year to $6.03 billion and a 10% increase in merchant payment volume. Cash App specifically generated $1.38 billion in gross profit in the last quarter, indicating its ongoing growth potential in the mobile payments market.

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