Block faces proposed $764 million DOJ payment
Key points
- Block reached an agreement in principle with the US Department of Justice involving approximately $764 million in net payments.
- Bitcoin ecosystem gross profit halved to $51.8 million in the third quarter.
- The proposed three-year agreement addresses alleged failures in Block's anti-money laundering programme.
Block, Inc. (NYSE:XYZ) reached an agreement in principle with the DOJ involving a proposed $764 million net payment.
The proposed three-year deferred prosecution agreement concerns an alleged failure to maintain an effective anti-money laundering programme under the Bank Secrecy Act.
If Block meets the agreement’s requirements, the DOJ will seek dismissal of the deferred charge.
The proposed resolution includes approximately $964 million in gross payments, reduced by credits for previous regulatory resolutions.
Block recorded $565.6 million in net income attributable to common stockholders, up from $461.5 million a year earlier.
Its Bitcoin ecosystem gross profit fell 50% to $51.8 million, despite generating $1.8 billion in quarterly revenue.
Block held $7.86 billion in cash and cash equivalents at September 30, while total quarterly revenue rose 10% to $6.72 billion.
Following the announcement, Block shares were down 1.40% to $76.00.
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