California Regulator Fines Bitcoin ATM Operator Coinhub $675K for Violating Law

California's Department of Financial Protection and Innovation (DFPI) has imposed a $675,000 fine on Coinhub, a Bitcoin ATM operator, for violating laws regarding digital assets. The fine includes $105,000 restitution to consumers who were overcharged. Since 2024, Coinhub has reportedly exceeded the allowed fee limits, accepted cash transactions exceeding the daily limit of $1,000, and failed to provide required disclosures. This enforcement action is the fourth against crypto ATM operators in California, as the DFPI aims to terminate practices that endanger consumers. The DFPI is determined to regulate the industry more strictly, warning operators to comply with state laws and protect consumer interests. Coinhub's case illustrates ongoing scrutiny in the crypto sector, where other jurisdictions are taking similar measures to regulate crypto ATMs and provide consumer safeguards.

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