TechFlow news, June 26 — According to Cointelegraph, Coinme, a Seattle-based cryptocurrency ATM operator, has agreed to pay a $300,000 penalty for violating California's daily transaction limits for cryptocurrency ATMs.
The California Department of Financial Protection and Innovation (DFPI) stated that state law limits cryptocurrency ATM transactions to $1,000 per customer per day. Coinme not only breached this rule but also failed to include required disclosure information on customer receipts from its self-service kiosks located in grocery and convenience stores across California. As part of the settlement, Coinme agreed to the penalty, which includes $51,700 in restitution to a California senior resident who claimed to have been defrauded.
DFPI Commissioner KC Mohseni said this enforcement action sends a "strong message" to cryptocurrency kiosk operators that the state is "dead serious" about requiring digital asset companies to follow rules designed to prevent scammers from exploiting unsuspecting Californians.
