Washington State DFI Enters Multi-State Consent Order with Coinme, Inc.

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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