Seattle Crypto operator Coinme agreed to pay a $ 300,000 penalty for breaking the daily transaction limits for crypto ATMs in California.
California Caps Crypto ATM Transaction at $ 1,000 per customer per day under a Law brought in last year. The company also failed to include the necessary disclosure to customer receipts in its kios located in grocery stores and comforts across California, according to the California Department of Protection and Innovation.
This Marks The first action of implementing DFPI under the law of digital financial state assets.
Under the permission order, Coinme has come up to pay the penalty, with $ 51,700 in charge of an elderly California resident claiming to be -Scam.
The action of implementation should “send a strong message” to Crypto Kiosk operators that the state “means business when it requires digital asset companies to follow policies that will help prevent scammers from taking advantage of the undoubtedly -California people,” said KC Mohseni, a DFPI commissioner.
The cointelegraph handed Coinme for further comment.
Crypto ATM scams rise
Scammers are cheating on victims of buying crypto assets at ATMs and transferring funds directly to the scams of scams, says the DFPI.
The Digital Financial Assets Law was conducted in 2023 specifically to address the risks through Kiosk operator regulations.
In April, the FBI reported With nearly 11,000 complaints and over $ 246 million in losses associated with crypto ATM scams in 2024, a 31% increase from 2023. Two-thirds of scam victims are over 60 years old.
Crypto ATMs banned in Washington
Washington’s second largest city Spokane, has taken one step further by Prohibition Crypto ATMs last week.
Related: The Crypto ATM network shrinks while the US has lost 1,200 machines in the days
The proposal was imposed to protect citizens from scams and money laundering, along with local police saying funds deposited in crypto kios have ended “in areas such as China, North Korea and Russia.”
Aussie ATM STING
Meanwhile, Federal Australian police said Wednesday that they had Controlled More than 90 citizens as part of a criminal use of crypto ATMs, including pig killings and suspected offenders.
In Texas, a County Sheriff last week took a power cutting tool to a local crypto kiosk after a family Reported Stabbed from $ 25,000.
Magazine: History suggests taps of Bitcoin $ 330k, the odds of crypto ETF hit 90%: Hodler’s Digest
