Block sets aside $764M for DOJ settlement as bitcoin profit halves

The same report said Block's bitcoin gross profit fell 50% after the company cut trading fees. The report did not specify when the agreement was reached or whether it had been finalized, and it gave no further detail on the bitcoin profit decline.

A deferred-prosecution agreement typically allows a company to avoid charges if it meets conditions set by prosecutors. The report did not describe the terms attached to Block's agreement beyond the $764 million figure.

Trading under the ticker XYZ, Block operates Cash App, the peer-to-peer payments service at the center of the reported anti-money-laundering case. Bitcoin Magazine did not say which agency units signed the agreement or what compliance changes Block agreed to make.