The cryptocurrency market has been under immense pressure this past quarter, with a significant drop from the $4.28 trillion peak to just $3.15 trillion. This tumultuous period has led to several well-known companies like DappRadar shutting down, and even Tether scaling back on Bitcoin mining operations due to rising energy costs. Crypto firms are facing more scrutiny in the wake of increased scams as well. 2025 has been a challenging year for the industry, with Huione Pay shut down after a bank run due to alleged money laundering activities. Now, legal action is targeting another prominent company in the U.S. – Coinme. The Washington State Department of Financial Institutions (DFI) has taken aim at Coinme, Inc., alleging it engaged in years of unfair and deceptive business practices under the state’s Uniform Money Services Act. 2025’s turmoil for this on-ramp provider for Bitcoin has seen its license to operate challenged, as DFI officials accuse Coinme of wrongly claiming customers’ unredeemed Bitcoin vouchers as company revenue for a total amount of over $2 million from January 2023 to December 2024. The DFI is also alleging that Coinme failed to disclose the practice or escheat funds to the state as required. They further claim that Coinme repeatedly failed to meet minimum net worth requirements, filed inaccurate financial reports, and provided customers with inactive support numbers on receipts. Now, DFI intends to revoke Coinme’s money transmitter license, ban both Coinme and CEO Neil Bergquist from the money-services industry for 10 years, and order restitution or escheatment of all affected customers. A $300,000 civil fine, investigation fees and ongoing recordkeeping requirements are also being proposed, with Coinme having the right to contest the charges at an administrative hearing.