Crypto ATM Firm Coinme Fined $300K for Violating California Regulations
California regulators have imposed a $300,000 penalty on Coinme, a Seattle-based cryptocurrency ATM operator, marking the first enforcement action under the state's Digital Financial Assets Law (DFAL). The company was found to have exceeded transaction limits and failed to provide mandatory disclosures.
The DFPI's investigation revealed Coinme allowed transactions surpassing the $1,000 daily cap and neglected receipt disclosure requirements. A consent order mandates restitution to an elderly scam victim and operational reforms.
This enforcement signals California's stringent approach to crypto oversight. Commissioner KC Mohseni's forthcoming statement is expected to clarify regulatory expectations for digital asset businesses operating in the state.
