Washington State's Department of Financial Institutions has issued a Temporary Cease and Desist Order against Coinme, a Bitcoin ATM operator, demanding it halt all money transmission services and repay upwards of $8 million to customers. The order stems from allegations that Coinme converted unredeemed voucher balances into corporate revenue, violating Washington’s financial regulations. Additional accusations include failure to maintain required net worth, inaccurate reporting, and poor disclosure practices. These violations could lead to license revocation, hefty fines, and industry bans. Coinme is cooperating as regulators increase scrutiny on crypto-to-fiat service providers.
Continue to read Washington State Forces Coinme to Cease Operations and Refund Over $8 Million to Customers
Washington State's Department of Financial Institutions has issued a Temporary Cease and Desist Order against Coinme, a Bitcoin ATM operator, demanding it halt all money transmission services and repay upwards of $8 million to customers. The order stems from allegations that Coinme converted unredeemed voucher balances into corporate revenue, violating Washington’s financial regulations. Additional accusations include failure to maintain required net worth, inaccurate reporting, and poor disclosure practices. These violations could lead to license revocation, hefty fines, and industry bans. Coinme is cooperating as regulators increase scrutiny on crypto-to-fiat service providers.
Continue to read Washington State Forces Coinme to Cease Operations and Refund Over $8 Million to Customers
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