California’s Department of Financial Protection and Innovation (DFPI) ordered cryptocurrency ATM operator CoinFlip to compensate California scam victims by more than $4.8 million, according to a PANews report published on November 9, 2026. The regulator also required the company to repay more than $350,000 in unlawfully collected excess fees.
The investigation found that, since 2021, CoinFlip had failed to adequately verify users’ identities and detect and prevent suspicious transactions. Those failures allowed scammers to exploit its roughly 500 ATMs, located mainly in supermarkets, gas stations and similar venues, with older adults particularly targeted.
The reported violations also included accepting transactions exceeding $1,000 in a single day, charging excessive fees and failing to provide required disclosures.
Source: Original PANews article, published November 9, 2026, at 13:31:09 (UTC+8).