California's first law enforcement: Coinme fined $300,000 for violating digital asset laws.

RektRecovery · 2025-06-26T06:00:26+00:00

Coinme was fined $300,000 for violating California's Digital Financial Assets Law and must compensate the victimized elderly individuals $51,700. This is the first enforcement action taken under this law in California, highlighting the importance of compliance. In 2024, the amount of fraud involving crypto asset ATMs in the United States reached $246 million, with elderly victims accounting for nearly two-thirds.

RektRecovery

2025-06-26 06:00:26

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[Coin World] Coinme, a cryptocurrency ATM operator, was fined $300,000 for violating California’s Digital Financial Assets Law, marking the first enforcement action taken by state regulators under this law. The main violations included exceeding the $1,000 daily transaction legal limit and failing to disclose necessary information on receipts. Coinme is also required to compensate a scammed elderly resident $51,700. The California Department of Financial Protection and Innovation (DFPI) stated that this enforcement action sends a strong compliance signal to the industry. Data shows that in 2024, the amount involved in cryptocurrency ATM scams in the U.S. reached $246 million (a 31% year-over-year increase), with nearly two-thirds of victims being seniors aged 60 and above. The state’s 2023 legislation specifically established regulatory requirements for ATM operators to prevent fraud risks.

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