Washington State Forces Coinme to Shut Down Operations, Refund Customers

Coinme, a Bitcoin ATM operator based in Washington state, has been ordered to cease all operations and return over $8 million in unclaimed funds to customers. This action comes after the Washington Department of Financial Institutions (DFI) issued a temporary cease-and-desist order and statement of charges. The DFI alleges Coinme’s cryptocurrency purchase voucher system violated state money transmission regulations, treating unredeemed vouchers as company revenue.