Seattle-based crypto ATM operator Coinme has agreed to a $300,000 penalty for violating California's crypto ATM transaction limits. The state law, enacted in 2023, caps transactions at $1,000 per customer per day. Additionally, Coinme failed to provide required disclosures on customer receipts at its kiosks. This penalty includes $51,700 in restitution for an elderly resident who reported being scammed. This enforcement action is significant as it's the California Department of Financial Protection and Innovation's first under the Digital Financial Assets Law, aiming to curb scams associated with crypto ATMs. The DFPI cited rising scams, indicating almost 11,000 complaints amounting to over $246 million in losses in 2024 alone, primarily affecting seniors. Meanwhile, Washington's Spokane city banned crypto ATMs to combat similar issues, reflecting growing regulatory scrutiny across states.

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