Coinme fined $300,000 for violating California cryptocurrency ATM regulations

ChainCatcher news, according to Cointelegraph, Seattle-based cryptocurrency ATM operator Coinme has agreed to pay a $300,000 fine for violating California's daily transaction limits for cryptocurrency ATMs.

According to the California Department of Financial Protection and Innovation (DFPI), California law sets a daily transaction limit of $1,000 per customer for cryptocurrency ATMs. Coinme not only violated this regulation but also failed to include the necessary disclosure information on customer receipts at its self-service terminals located in grocery stores and convenience stores throughout California. Under the settlement agreement, Coinme has agreed to pay the fine, which includes $51,700 in restitution to a California senior resident who claimed to have been scammed.

DFPI Commissioner KC Mohseni stated that this enforcement action should send a "strong message" to cryptocurrency kiosk operators, indicating that the state is "serious" about requiring digital asset companies to comply with rules designed to prevent scammers from exploiting unsuspecting Californians.