DFPI Issues First DFAL Crypto Kiosk Enforcement
On June 25, the California DFPI announced that it had finalized a consent order with a cryptocurrency kiosk operator, alleging violations of the Digital Financial Assets Law (DFAL) and the California Consumer Financial Protection Law (CCFPL). The action marks the DFPI’s first enforcement under the DFAL, which took effect on January 1, 2024.
The DFPI found that the operator repeatedly processed transactions exceeding the DFAL’s $1,000 per-day limit for individual customers and failed to print the required exchange-pricing information on customer receipts. The agency further alleged that these practices amounted to unlawful, unfair, or deceptive conduct under the CCFPL.
Specifically, the consent order imposes the following…
