<ul><li>Block Inc., co-founded by Jack Dorsey, has agreed to a $40 million settlement with NYDFS over compliance failures related to Cash App.</li><li>The investigation revealed deficiencies in anti-money laundering and know-your-customer protocols, allowing illicit accounts to operate on the platform.</li><li>Block will appoint an independent monitor to improve compliance, highlighting increased regulatory scrutiny in the cryptocurrency space.</li><li>Despite regulatory setbacks, Block reported strong financial performance in 2024, with revenue increase and high revenue from Cash App.</li></ul>

Jack Dorsey’s Block Faces $40M Penalty Over BTC Compliance Breach

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