Blockchain and mobile payment company Block has agreed to a $45 million settlement with most US state regulators regarding false promotions of its Cash App. According to The Block, regulators, including the New York Attorney General's office, alleged that Cash App advertised offering protection similar to traditional banks, leading users to believe their funds were protected to the same extent as bank deposits. It was also stated that Block lacked a consistent fraud detection system and did not provide a customer support hotline for reporting fraud. In connection with this, Block agreed to pay $45 million but did not admit to legal liability or wrongdoing. Block stated, "This settlement resolves previously disclosed matters related to past business operating practices."
