WA DFI enters multi-state consent order with Coinme Inc., shutting down company's crypto kiosks
Washington State DFI enters multi-state consent order with Coinme, Inc.
WA DFI and 34 other regulators reached a settlement with money transmitter and crypto-kiosk operator Coinme, Inc. — the company will shut down its crypto kiosks, pay $2.5 million, and take additional affirmative action
Olympia – Today the Washington State Department of Financial Institutions (DFI) entered a multi-state Consent Order with Coinme, Inc. (Coinme), a Seattle-based money transmitter and crypto-kiosk operator. The Consent Order resolves WA DFI’s Statement of Charges issued in 2025 as well as examination issues identified by the state regulators.
The multi-state examination identified that Coinme failed to comply with state net worth requirements, had poor accounting practices, and had a deficient Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program for its crypto kiosks. The company’s deficient BSA/AML program failed to mitigate the risks its business posed to consumers and perpetuated a high-risk environment that made it vulnerable to exploitation by criminals.
Under the terms of the Consent Order, Coinme will:
Shut down its crypto kiosks by the end of the year;
Replace operational managers responsible for compliance requirements;
Complete an independent compliance review of its BSA/AML program;
Fix all issues identified by the independent compliance review; and
Pay $2.5 million in administrative penalty fees and costs.
“State regulation of money services exists to protect consumers from scams and bad actors,” DFI Director Charlie Clark said. “DFI will continue to take action against companies that pose unfair risks to Washington consumers.”
State regulators in Washington, Ohio, Georgia, Arkansas, North Carolina, Alaska, and Illinois led the multistate enforcement action. The enforcement action emphasizes the importance of holding companies accountable for compliance with state law, holding company leadership responsible for compliance failures, and the power of state regulators to enact meaningful changes to business practices that pose risks to consumers.
Washington State consumers may submit complaints about crypto kiosks or money transmission issues via DFI’s online complaint form.
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About DFI ▪ www.dfi.wa.gov ▪ 360-902-8700 ▪ 877-RINGDFI (746-4334)The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders and securities brokers and dealers. The department also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information: https://www.facebook.com/wadfi ■ www.instagram.com/wastatedfi/ ■ https://x.com/dficonsumers ■ https://dfi.wa.gov/financial-education/blog ■ https://www.youtube.com/user/WADFI ■ www.homeownership.wa.gov ■ www.linkedin.com/company/state-of-washington-department-of-financial-institutions/ ■ https://bsky.app/profile/wastatedfi.bsky.social
About the Division of Consumer Services ▪ www.dfi.wa.gov/cs ▪ 360-902-8703 ▪ 877-746-4334The mission of the Division of Consumer Services is to protect consumers from illegal and fraudulent financial products and services. The division accomplishes its mission through licensing, licensee examinations, investigations, and enforcing selected state and federal statutes and rules. Consumer Services regulates the business activities of consumer loan companies, mortgage brokers, money transmitters, and currency exchangers, as well as check cashers and sellers, also known as "payday lenders." The Division is entirely self-supporting, with funding provided by licensing, auditing, and policing of regulated businesses and individuals. No money is received from the state General Fund or other public revenue source.
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