The Conference of State Bank Supervisors announced that 34 state financial regulatory agencies reached a $2.5 million settlement with Coinme Inc., a Seattle-based cryptocurrency money transmitter and kiosk operator, for violations of Bank Secrecy Act/anti-money laundering laws.
Details: CSBS said Coinme agreed to terminate its virtual currency kiosk operations by Jan. 1, 2027, or face an additional $4 million penalty. The company also agreed to hire an independent consultant to review its BSA/AML program and submit a report to the states within six months.
ICBA View: A recent ICBA blog post says the lack of consumer trust in digital assets reinforces ICBA’s calls for policymakers to pause crypto policy developments and assess their combined impact on local communities and the economy.