According to BlockBeats news on June 26, reported by Cointelegraph, Seattle-based cryptocurrency ATM operator Coinme has agreed to pay a $300,000 fine for violating California's cryptocurrency ATM daily transaction limits.
According to the California Department of Financial Protection and Innovation (DFPI), California law stipulates a daily transaction limit of $1,000 per customer for cryptocurrency ATMs. Coinme not only violated this regulation but also failed to include the necessary disclosure information on customer receipts at its kiosks located in grocery stores and convenience stores throughout California. Under the settlement agreement, Coinme has agreed to pay a fine, which includes $51,700 in compensation to a California senior resident who claims to have been scammed.
DFPI Commissioner KC Mohseni stated that this enforcement action should send a "strong message" to cryptocurrency kiosk operators, indicating that the state is "serious" about requiring digital asset companies to comply with rules to prevent scammers from exploiting unsuspecting Californians.