Block Books $764 Million for Planned DOJ Deal That Would Defer a Bank Secrecy Act Charge
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Block set aside $764 million in connection with a planned deferred-prosecution agreement with the U.S. Department of Justice over a Bank Secrecy Act charge, though final terms and court approval remain pending. The reserve disclosure came alongside third-quarter results showing Block's bitcoin business retained about 2.9 cents of gross profit per dollar of revenue, down from 5.1 cents a year earlier. The charge relates to compliance obligations under the BSA, the anti-money-laundering framework that has drawn increasing scrutiny across crypto-facing payments firms. Investors will watch for the final DOJ terms and court sign-off, plus whether the thinner bitcoin-unit margins persist in coming quarters.
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