Coinme Fined $300K for Breaking California Crypto ATM Rules
The post Coinme Fined $300K for Breaking California Crypto ATM Rules appeared on BitcoinEthereumNews.com. Coinme allowed customers to surpass daily transaction limitations and failed to provide correct disclosures. The California Department of Financial Protection and Development (DFPI) specified that Coinme breached deal limits by allowing crypto ATM users to go beyond the state’s $1,000 per-day cap per consumer. Coinme crypto ATM DFPI Commissioner KC Mohseni described that the penalty serves as a cautioning to other digital possession operators that the state is very major about enforcing compliance to secure customers.
In Australia, police revealed prevalent abuse of crypto ATMs in romance rip-offs, with one widow losing close to $282,000. Crypto ATM Rip-off Targets Elderly in Australia After the Australian federal authorities called people as part of its ongoing crackdown on the criminal usage of cryptocurrency ATMs, one case stood out. Ordinance to prohibit crypto ATMs (Source: Spokane City Council) The regulation referred to a concerning increase in scam activity linked to these kiosks, and pointed out that victims frequently lose thousands of dollars.
