According to TechFlow, on December 4, Decrypt reported that Washington state regulators have ordered Bitcoin ATM operator Coinme to cease operations and return over $8 million in unclaimed funds to customers, accusing the company of treating unredeemed vouchers as revenue and violating money transmission regulations.
The Washington State Department of Financial Institutions (DFI) stated in a temporary cease and desist order and statement of charges that Coinme’s cryptocurrency purchase voucher system violated the state’s Uniform Money Services Act. Between January 2023 and December 2024, Coinme allegedly counted $8.37 million in unredeemed customer vouchers as company revenue.
Regulators are seeking to revoke Coinme’s money transmission license, impose a $300,000 fine plus a $375 investigation fee, and ban the company and its CEO Neil Bergquist from participating in any money transmission business for ten years. Coinme has 20 days to request a hearing, otherwise the temporary cease and desist order will automatically become permanent.
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