Coinme violated digital asset laws and was fined $300,000, marking California's first enforcement action.

LiquidityWitch · 2025-06-26T05:36:29+00:00

Coinme was fined $300,000 for violating California's Digital Financial Assets Law and must compensate an elderly victim $51,700. This action marks the first enforcement of this law in California, aimed at strengthening industry compliance and preventing Crypto Assets ATM fraud.

LiquidityWitch

2025-06-26 05:36:29

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[Chain News] PANews June 26 news, crypto assets ATM operator Coinme has been fined $300,000 for violating California’s Digital Financial Assets Law, marking the first enforcement action taken by the state’s regulatory agency under this law. The main violations include: exceeding the daily transaction limit of $1,000 and failing to disclose necessary information on receipts. Coinme is also required to compensate a deceived elderly resident $51,700.

The California Department of Financial Protection and Innovation (DFPI) stated that this law enforcement action sends a strong compliance signal to the industry. Data shows that in 2024, the amount involved in crypto assets ATM scams in the United States reached $246 million (a 31% year-on-year increase), with nearly two-thirds of the victims being seniors aged 60 and above. The state established regulatory requirements specifically for ATM operators in 2023 to prevent fraud risks.

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