Block to pay $45M to settle false advertising claims over Cash App

Blockchain and mobile payments company Block has agreed to a $45 million settlement with regulators in most U.S. states over false advertising claims related to its Cash App, The Block reported. According to regulators, including the New York Attorney General's Office, Cash App advertised that it offered protections similar to those of traditional banks, leading users to believe their funds were as secure as bank deposits. They also alleged that Block lacked a consistent fraud detection system and did not provide a customer support hotline for reporting fraudulent activity. Block agreed to the $45 million payment but did not admit to any legal liability or wrongdoing. The company stated that the settlement resolves a previously disclosed matter concerning past business practices.