Coinme was fined $300,000 for violating California's Crypto Assets ATM regulations.

According to a report from Cointelegraph on June 26, Seattle-based Crypto Assets ATM operator Coinme has agreed to pay a $300,000 fine for violating California's daily transaction limits for Crypto Assets ATMs.

According to the California Department of Financial Protection and Innovation (DFPI), California law stipulates that the daily transaction limit for Crypto Assets ATMs is $1,000 per customer. Coinme not only violated this regulation but also failed to include the necessary disclosure information on customer receipts from its self-service terminals located in grocery stores and convenience stores throughout California.

This marks the first enforcement action taken by the DFPI under the California Digital Financial Assets Law. According to the settlement agreement, Coinme has agreed to pay a fine that includes $51,700 in restitution to a California senior resident who claims to have been defrauded.

DFPI Commissioner KC Mohseni stated that this law enforcement action should send a "strong message" to Crypto Assets self-service terminal operators, indicating that the state "is serious" about requiring digital asset companies to comply with rules to prevent scammers from exploiting unsuspecting Californians.