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Block to Pay $45 Million Fine After State Regulators Act
Block agreed to pay a $45 million fine following actions by state regulators. The settlement addresses concerns over Cash App's compliance practices.
Jul 9, 9:19 AM·1m read2 sources
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Block will pay a $45 million fine after state regulators took enforcement action in place of a federal agency. The company reached the settlement to resolve allegations related to its payment platform operations.
Background on the Regulatory Shift State officials moved to enforce consumer protection rules as federal oversight capacity declined. The agreement requires Block to implement additional compliance measures across its services.
The $45 million payment will be distributed according to terms set by the participating states. Block stated it will cooperate with ongoing state monitoring of its platform activities.
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