Criminals: The limit was exceeded, no transparency was achieved

According to California’s laws, crypto ATMs have to apply a maximum of $ 1,000 transaction limit per day for a customer. But coinme:

He systematically violated this limit,

It did not provide compulsory information that should be included in the ATM plugs.

ATMs were usually located in markets and buffets. DFPI, Coinme’nin especially elderly customers caused the grievance, he said.

🤝 Reconciliation and compensation

Coinme, within the scope of his agreement with DFPI:

He will pay a total of $ 300,000,

51,700 dollars of this will be returned to an elderly California, who is victimized by fraud.

🗣️ DFPI Commissioner KC Mohseni:

“This decision is an open message to crypto ATM operators: California is seriously and determined to protect its citizens in digital asset regulations.”

📊 ATM fraud is increasing rapidly

According to DFPI, fraudsters direct their victims to transactions in crypto ATMs, allowing crypto beings to be transferred directly to their wallets.

In 2024, 11,000 complaints and $ 246 million losses were reported in the USA.

66 %of the victims are over 60 years old.

FBI reported that these losses increased by 31 %.

❌ Forbidden in Washington, raid in Australia

Spokane/Washington:

City administration completely banned crypto ATMs, citing the risks of fraud and money laundering.

Australian Federal Police:

This week, more than 90 citizens questioned the use of crypto ATMs within the scope of crimes related to the use of.

Texas:

After a sheriff learned that a family was a $ 25,000 victim of fraud, he disabled a ATM device with a cutting tool.

🧭 Evaluation: Regulation wave started in crypto ATMs

This development shows that more strict arrangements and inspections for the crypto ATM sector are inevitable. In particular, the increase in frauds targeting users with low elderly and digital literacy leads to harsh measures of state institutions.