BlockBeats News, June 26th, according to Cointelegraph's report, Seattle-based cryptocurrency ATM operator Coinme has agreed to pay a $300,000 fine for violating the California cryptocurrency ATM daily transaction limit.
According to the California Department of Financial Protection and Innovation (DFPI), California law sets the daily transaction limit for cryptocurrency ATMs at $1,000 per customer. Coinme not only violated this requirement but also failed to include necessary disclosure information on customer receipts at its self-service terminals located in California grocery and convenience stores. Under the settlement agreement, Coinme agreed to pay the fine, which includes a $51,700 restitution payment to a California senior citizen who claimed to have been defrauded.
DFPI Commissioner KC Mohseni stated that this enforcement action should send a "strong message" to cryptocurrency ATM operators, indicating that the state is "serious" about requiring digital asset companies to comply with rules aimed at preventing fraudsters from preying on unsuspecting Californians.
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