<ul><li>Block Inc., the parent company of Cash App, has agreed to a $40 million settlement with the New York Department of Financial Services (NYDFS) following findings of compliance shortcomings tied to its crypto services.</li><li>The compliance failures included insufficient customer due diligence, weak transaction monitoring, and inadequate screening of high-risk crypto activity.</li><li>The settlement comes after Block paid $80 million in penalties earlier this year and showcases the increasing regulatory scrutiny of fintech platforms offering crypto services.</li><li>Despite the compliance challenges, Block reported growth in its crypto and banking offerings, with Cash App having more than 57 million monthly active users and generating $6.03 billion in revenue in 2024.</li></ul>

Block settles $40 million crypto investigation linked to Cash App

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