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

California's Department of Financial Protection and Innovation (DFPI) has imposed a fine of $675,000 on Bitcoin ATM operator Coinhub for violations of digital assets laws, of which $105,000 is designated as restitution for overcharged consumers. This enforcement action highlights the regulator's ongoing efforts to address misconduct among crypto ATM operators. DFPI found that Coinhub charged customers excessive markup fees above permitted limits, accepted cash transactions exceeding the $1,000 daily cap, and failed to provide necessary disclosures on transaction receipts. This case represents the fourth enforcement action by the DFPI against crypto ATM operators who fail to comply with regulations ensuring consumer protection and maintains a stance against operators that take advantage of customers. DFPI Commissioner KC Mohseni emphasized the agency's commitment to rooting out bad actors while welcoming compliant operators in the industry.

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