Two major developments, but they're not directly connected.
Block, the company behind Cash App and Square, has reached an agreement in principle with the U.S. Department of Justice over alleged failures in its anti-money-laundering program.
The proposed deal would defer prosecution for three years. Its monetary component is approximately $964 million before credits, leaving an estimated $764 million net payment.
The agreement isn't final.
Block's Bitcoin Ecosystem gross profit fell 50% year over year in Q3 2026, from $104 million to $52 million.
But that decline wasn't attributed to the DOJ investigation. Block says it was mainly driven by its decision to reduce fees on certain Bitcoin transactions through Cash App.
Meanwhile, Block's overall gross profit rose 22% to $3.24 billion.
The contrast matters: Bitcoin-related gross profit fell sharply, even as the broader business continued growing.
Block, the company behind Cash App and Square, has reached an agreement in principle with the U.S. Department of Justice over alleged failures in its anti-money-laundering program.
The proposed deal would defer prosecution for three years. Its monetary component is approximately $964 million before credits, leaving an estimated $764 million net payment.
The agreement isn't final.
Block's Bitcoin Ecosystem gross profit fell 50% year over year in Q3 2026, from $104 million to $52 million.
But that decline wasn't attributed to the DOJ investigation. Block says it was mainly driven by its decision to reduce fees on certain Bitcoin transactions through Cash App.
Meanwhile, Block's overall gross profit rose 22% to $3.24 billion.
The contrast matters: Bitcoin-related gross profit fell sharply, even as the broader business continued growing.
