The Washington State Department of Financial Institutions (DFI) has issued a temporary cease-and-desist order against Bitcoin ATM operator Coinme, demanding the return of over $8 million in unredeemed customer vouchers. Regulators accuse Coinme of treating these unredeemed funds as company revenue, violating state money transmission laws. The DFI plans to revoke Coinme's money transmission license and impose a $300,000 fine along with $375 in investigation costs. Additionally, the DFI seeks to ban Coinme's co-founder and CEO, Neil Bergquist, from participating in any money transmission business for 10 years.
Washington State Orders Coinme to Refund $8 Million in Unredeemed Vouchers
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