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The acquisition gives the stablecoin payments company access to Brazilian real collections, Pix payments, and local settlement infrastructure as it expands across Latin America. Yellow Card is expanding its global stablecoin payments network into Brazil through the acquisition of local virtual asset service provider GoMoney. The deal gives the African-founded fintech a direct operating presence in Latin America’s largest cryptocurrency market. Announced on November 4, 2026, the acquisition was completed in October. GoMoney will become a wholly owned subsidiary of Yellow Card while continuing to operate under its existing leadership. The move gives Yellow Card access to local payment infrastructure, including Brazil’s Pix instant payment system. It also enables Brazilian real collections and disbursements, with settlement in stablecoins. These services will connect to Yellow Card’s existing treasury and liquidity infrastructure across other markets. The acquisition is an important step in Yellow Card’s international expansion. Rather than entering Brazil by building an entirely new local operation, the company is acquiring an established provider with experience in the country’s virtual asset market. However, the regulatory position remains important. GoMoney has applied to the Banco Central do Brasil (BCB) for authorization as a virtual asset service provider. Its application is still awaiting review and approval. Yellow Card’s Brazil Acquisition Adds Local Payment Infrastructure Founded in 2018, GoMoney has spent eight years building a business focused on virtual assets and cross-border payments in Brazil. The company enables international businesses to collect payments from Brazilian customers, including through Pix, and settle in digital assets. Under the acquisition, GoMoney will remain led by its founders, including Chief Executive Maurício Pires. The business will operate as a wholly owned Yellow Card subsidiary. For Yellow Card, the deal adds an important local layer to its international payments network. Businesses using its infrastructure can access Brazilian real payment flows while connecting settlement to stablecoin-based treasury services. Pix is particularly important to this strategy. Developed by Brazil’s central bank, the instant payment system has become a major part of the country’s digital payments ecosystem. By connecting local collection and disbursement capabilities with stablecoin settlement, Yellow Card aims to simplify how businesses move money across borders. The model could be useful for companies managing international suppliers, receiving payments from customers in different countries or handling liquidity across multiple currencies. Brazil’s Growing Stablecoin Market Creates an Opportunity Brazil offers a significant opportunity for companies building stablecoin payment infrastructure. According to Chainalysis’ 2026 research, Brazil recorded approximately $252.5 billion in cryptocurrency activity between July 2025 and June 2026. This made it Latin America’s largest cryptocurrency market. The research also found that stablecoin activity in Brazil increased by 495% across its 2024–2026 comparison period. Business use cases are an important part of this growth. Companies increasingly explore stablecoins for cross-border transfers, liquidity management, and international settlement. This creates an opportunity for payment infrastructure providers that can connect digital assets with established local payment systems. For Yellow Card, Brazil offers access to a large market where businesses already use digital payment rails at scale. The acquisition could help the company serve international firms that need to collect local currency and manage settlement across borders. However, cryptocurrency transaction volumes do not automatically translate into demand for any single provider. Yellow Card will need to build customer relationships and demonstrate that its infrastructure can meet local business requirements. Brazil’s Virtual Asset Rules Make Local Compliance Essential The acquisition comes as Brazil strengthens its regulatory framework for virtual asset service providers. Law No. 14,478/2022 established the legal framework for virtual asset services in Brazil. The Banco Central do Brasil subsequently introduced Resolutions 519 and 520 in November 2025 to address authorization processes and the operation of virtual asset service providers. These rules establish requirements covering areas such as governance, operational controls, customer protection, and anti-money laundering measures. GoMoney has submitted an application for authorization under this framework. However, it continues to operate under the applicable transitional regime while the central bank reviews its application. This distinction matters. The acquisition gives Yellow Card a local operating business, but it does not mean GoMoney has already received full regulatory authorization. For international fintech companies, local regulatory knowledge is becoming as important as payment technology. Entering a new market requires more than connecting to a payment network. Companies must also understand licensing requirements, compliance expectations, and local operating conditions. Yellow Card’s decision to retain GoMoney’s existing leadership could help preserve that local expertise while connecting the business to a wider international infrastructure network. Yellow Card Builds on Its Global Expansion Strategy The Brazil acquisition follows a period of expansion and investment for Yellow Card. In August 2026, the company secured $40 million in financing, with participation from investors including Standard Chartered Bank and Sony. Yellow Card has also highlighted regulatory approvals and registrations in markets including Canada, Switzerland, Nigeria, Ghana, and Zimbabwe. The company provides stablecoin infrastructure to financial institutions, fintech businesses, and multinational companies. Its services support access to US dollars, treasury management, and cross-border money movement across more than 50 currencies, according to the company. Adding Brazil strengthens its presence in Latin America and extends its reach beyond its established African markets. The acquisition also reflects a wider trend in financial infrastructure. Stablecoin providers are increasingly looking to combine global settlement capabilities with local payment networks and regulatory expertise. This approach could help businesses move money more efficiently across markets without relying entirely on traditional correspondent banking arrangements. What the Acquisition Means for Cross-Border Payments The Yellow Card–GoMoney deal highlights how stablecoins are developing beyond their role as digital trading assets. For businesses, the value increasingly lies in using stablecoins as a settlement and liquidity tool. However, practical adoption depends on connecting them to local currencies, payment systems, and regulated service providers. Brazil’s Pix network provides an established domestic payment channel. GoMoney adds local operating experience, while Yellow Card brings its broader treasury and liquidity infrastructure. Together, these capabilities could create more options for businesses collecting Brazilian reais and settling international transactions in stablecoins. Still, the commercial impact

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November 6, 2026

Block Faces $764 Million DOJ Resolution Over Anti-Money Laundering Failures

The proposed three-year deferred prosecution agreement would resolve a federal investigation into Block’s anti-money laundering controls, adding to a series of regulatory actions involving Cash App. Block, the financial technology company led by Jack Dorsey, has reached an agreement in principle with the US Department of Justice (DOJ) to resolve an investigation into its anti-money laundering program. The proposed deal could require the company to make a net payment of approximately $764 million. The agreement marks a significant regulatory development for the company behind Cash App and Square. It also puts renewed attention on the compliance responsibilities of fintech platforms that handle payments, money transfers, and other financial services at scale. Block disclosed the proposed resolution in its quarterly regulatory filing on November 3, 2026. The company said it had reached an agreement in principle with the DOJ in October. The arrangement would take the form of a deferred prosecution agreement (DPA), subject to a final agreement and court approval. The proposed resolution includes a gross monetary component of approximately $964 million. However, credits for previous regulatory resolutions would reduce the expected net payment to around $764 million. Block has already accrued the net amount in its financial statements as of September 30, 2026. Importantly, the agreement is not yet final. Block said it cannot guarantee that the parties will complete the agreement on the proposed terms. Block’s Proposed $764 Million DOJ Agreement The DOJ investigation concerns allegations that Block failed to maintain an effective anti-money laundering (AML) program, in violation of the Bank Secrecy Act. The proposed DPA would defer prosecution of the charge for three years. During that period, Block would need to meet the obligations set out in the final agreement. If the company fulfills those requirements, the DOJ would move to dismiss the deferred charge with prejudice. This means the charge would be dismissed permanently under the terms of the agreement. However, the arrangement carries significant compliance obligations. If Block fails to meet the requirements during the three-year period, it could face prosecution on the deferred charge. The financial terms also require careful distinction. The proposed gross monetary component is approximately $964 million, while the expected net payment is $764 million after credits of around $200 million for prior regulatory resolutions. Block has warned that the final terms could result in losses exceeding the amount it has accrued. It also said there is no guarantee that the DOJ will not pursue legal action if the parties fail to reach a final resolution. Previous Cash App Regulatory Actions Add to Compliance Pressure The proposed federal resolution follows several regulatory actions involving Block and its Cash App business. In April 2025, Block agreed to pay a $40 million penalty to New York’s Department of Financial Services. The action followed findings of significant weaknesses in the company’s anti-money laundering and virtual currency compliance programs. In July 2026, Block also reached a $45 million multistate settlement involving allegations about Cash App’s handling of fraud complaints, consumer protection, and dispute resolution. The agreement involved a coalition of US states. These actions highlight the regulatory scrutiny facing payment platforms that serve large consumer populations. Regulators expect firms to maintain effective systems for monitoring suspicious activity, responding to fraud, and protecting customers. The DOJ agreement would address a separate federal investigation into the company’s AML program. It should not be treated as identical to the earlier state-level actions. Together, however, the developments show how weaknesses in financial crime controls and customer protection can create significant legal, financial, and reputational exposure for fintech companies. Strong Cash App and Square Results Offer a Contrast The proposed settlement comes as Block reports continued growth across its major business segments. In its third-quarter 2026 results, the company reported stronger gross profit at both Cash App and Square. Cash App gross profit increased 27% year over year, while Square’s merchant business recorded 14% growth. Block also raised its full-year 2026 gross profit outlook to approximately $12.63 billion, representing expected growth of 22% from the previous year. The results underline the scale and commercial momentum of the company’s payments and financial services operations. However, strong business growth does not remove the need for effective compliance systems. The regulatory resolution also creates a substantial financial obligation. Although Block has accrued the expected $764 million net payment, the company has acknowledged that the final outcome could differ. This distinction matters for investors assessing the relationship between operating performance, regulatory exposure, and future profitability. What the Agreement Means for Fintech Compliance The Block case carries implications beyond one company or payment application. Fintech platforms increasingly combine digital wallets, peer-to-peer transfers, merchant payments, lending, and virtual currency services. As these businesses expand, their compliance responsibilities become more complex. Effective AML programs require firms to identify customers, monitor transactions, investigate suspicious activity, and report relevant findings to authorities. These controls must also adapt as products, transaction volumes, and customer behavior change. For payment companies, compliance cannot operate as a separate administrative function. It is a core part of the infrastructure that supports trust in digital financial services. The proposed three-year DPA also highlights the importance of sustained compliance improvements. A financial payment alone does not complete the process. Block would need to meet the agreement’s obligations throughout the deferral period to secure dismissal of the charge. The case may therefore serve as a reminder to fintech firms that rapid customer acquisition and product expansion must be supported by strong financial crime controls. Block Faces a Critical Compliance Test Block’s proposed DOJ resolution comes at a time when its Cash App and Square businesses continue to expand. The company has demonstrated strong gross profit growth, while its regulatory exposure remains a major issue for investors and the wider fintech industry. The $764 million expected net payment is significant. Yet the longer-term test will be whether Block can satisfy the DOJ’s requirements and demonstrate that its compliance systems are effective. For the wider fintech sector, the message is clear: scale and innovation must go hand

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