California regulators ordered Bitcoin ATM operator Coinflip to pay over $4.8 million in restitution to scam victims.
6 hours ago
The California Department of Financial Protection and Innovation (DFPI) announced it has ordered Bitcoin ATM operator Coinflip to pay over $4.8 million in full restitution to California scam victims, plus more than $350,000 in improper excess fees to regulators. An investigation found that since 2021, Coinflip failed to adequately fulfill obligations including customer identity verification and suspicious transaction monitoring; some transactions exceeded California’s daily $1,000 limit per customer, and the firm also faced issues such as missing pre-transaction disclosures and incomplete receipts. Regulators also required Coinflip to cease related illegal and unfair business practices. The enforcement involves approximately 500 crypto ATMs operated by the company in California.
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