On November 3, Block reached a three-year deferred prosecution agreement with the U.S. Department of Justice over money laundering charges related to Cash App. The agreement concerns how the app monitored transactions and vetted customers, including activity involving Bitcoin. Block must demonstrate that it has fixed its anti-money laundering program, including Bitcoin transaction monitoring and customer vetting, to avoid final prosecution.
The company entered a deferred prosecution agreement to resolve the federal probe, as third-quarter adjusted EPS of $1.13 exceeded analyst expectations.
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