Block, Inc., formerly known as Square, has agreed to a $40 million settlement with the New York State Department of Financial Services (NYDFS) for regulatory compliance issues related to its Cash App platform. The probe found deficiencies in Know Your Customer (KYC) protocols and Suspicious Activity Reports (SARs), prompting Block’s commitment to improving internal operations and addressing concerns regarding AML compliance. ❌ 💰 Despite the settlement, the cryptocurrency market displayed resilience with no noticeable impact on major cryptocurrencies or on-chain metrics such as liquidity or Total Value Locked (TVL). The NYDFS has required an independent monitor to oversee Cash App’s ongoing compliance efforts, emphasizing the importance of robust financial regulations in a rapidly evolving digital financial landscape.