What’s the Deal with Coinme and Crypto Kiosks?
The California Department of Financial Protection and Innovation (DFPI) recently came down hard on Coinme, the Seattle-based operator of cryptocurrency kiosks. It seems they were the first to face enforcement under California’s Digital Financial Assets Law (DFAL). Apparently, Coinme didn’t play by the rules, allowing customers to pull out more than the $1,000 daily cap. They also forgot to give customers the required disclosures on their receipts, which is a big no-no.
Coinme has agreed to pay a $300,000 fine, including $51,700 in restitution to an elderly California resident who fell victim to their missteps. DFPI Commissioner KC Mohseni had a stern warning for kiosk operators: better adhere to regulations designed to keep consumers…
