A regulatory enforcement action has mandated that Coinme, a prominent Bitcoin ATM operator based in Seattle, return over $8 million to its customers. The Washington State Department of Financial Institutions (DFI) issued the order, which also initiates proceedings to revoke the company’s money transmitter license. The core allegation centers on Coinme’s accounting practices, specifically the treatment of unredeemed customer vouchers. Regulators assert that the company improperly classified these outstanding customer liabilities as company income, a move deemed a violation of state financial regulations. This enforcement underscores heightened regulatory scrutiny over the operational and financial compliance of cryptocurrency service providers, particularly those interfacing directly with public funds. The case highlights the critical importance of transparent accounting and strict adherence to fiduciary responsibilities in the digital asset sector. Customers affected by the order are expected to be contacted regarding reimbursement procedures as the administrative process moves forward.
