Coinme Pays $300K In California's First Crypto Kiosk Fine
Coinme, a Seattle-based crypto ATM operator, will pay a $300,000 penalty for violating California's daily transaction limit of $1,000 per customer and failing to provide required disclosures on receipts. This enforcement action is the first under California's Digital Financial Assets Law. Coinme will also pay $51,700 in restitution to a scammed elderly resident. The Department of Financial Protection and Innovation (DFPI) aims to deter crypto kiosk operators from violating regulations designed to protect consumers from scams. Reports indicate a rise in crypto ATM scams, with nearly 11,000 complaints and over $246 million in losses in 2024, primarily affecting individuals over 60. Spokane, Washington, has banned crypto ATMs to combat scams and money laundering. Australian federal police are investigating over 90 citizens linked to crypto ATM crimes. In Texas, a sheriff destroyed a local crypto kiosk after a family lost $25,000 to a scam.
