Coinme fined $300,000 for violating California crypto ATM laws

PANews reported on June 26 that according to Cointelegraph, cryptocurrency ATM operator Coinme was fined $300,000 for violating California's Digital Financial Assets Act. This is the first time that the state regulator has taken enforcement action under the law. The main violations include: single-day transactions exceeding the legal limit of $1,000 and failure to disclose necessary information on receipts. Coinme also needs to pay $51,700 in compensation to a deceived elderly resident.

The California Department of Financial Protection and Innovation (DFPI) said the enforcement action sent a strong compliance signal to the industry. Data showed that in 2024, the amount of cryptocurrency ATM fraud in the United States reached 246 million US dollars (a year-on-year increase of 31%), and nearly two-thirds of the victims were elderly people over 60 years old. The state's 2023 legislation specifically established regulatory requirements for ATM operators to prevent fraud risks.