Washington State Orders Coinme to Return Over $8M in Unclaimed Vouchers
- Coinme allegedly claimed $8.37 million from unredeemed vouchers as income between January 2023 and December 2024.
- Washington regulators issued a temporary cease-and-desist order, demanding the return of over $8 million to customers.
- The company faces a $300,000 fine, a $375 investigation fee, and potential revocation of its money transmitter license.
- CEO Neil Bergquist and Coinme could be banned from the industry for ten years if charges are upheld.
Coinme has been ordered by Washington state regulators to halt operations due to alleged violations of money-transmission laws by treating unredeemed Bitcoin ATM vouchers as income. The company has a limited window of twenty days to request a hearing before the temporary order becomes permanent.
The Washington State Department of Financial Institutions (DFI) aims to enforce compliance, reflecting broader scrutiny on crypto kiosks’ operational practices. (Source)
