Coinme fined $300K for violating California's crypto ATM laws, including restitution for scam victim

From Cointelegraph
June 26, 2025 01:31 AM:

Seattle-based Coinme has agreed to pay a $300,000 penalty for violating California’s $1,000 daily transaction limit for crypto ATMs and failing to include required disclosures on customer receipts. The enforcement marks DFPI’s first action under the state’s Digital Financial Assets Law, with Coinme also paying $51,700 in restitution to a scam victim.

Scammers are using crypto ATMs to trick victims into purchasing assets and transferring funds directly to fraudsters’ wallets. The Digital Financial Assets Law aims to regulate kiosk operators to address these risks. The FBI reported a 31% increase in complaints and over $246 million in losses related to crypto ATM scams in 2024, with two-thirds of victims over 60 years old.

Spokane, Washington has banned crypto ATMs to protect citizens from scams and money laundering. Police claim funds deposited into kiosks end up in countries like China, North Korea, and Russia. In Australia, federal police contacted over 90 citizens in a crackdown on criminal use of crypto ATMs, including pig butchering victims and suspects.

Read more at Cointelegraph: Coinme Pays $300K In California’s First Crypto Kiosk Fine