Coinme Cryptocurrency Exchange Resumes Full Operations in Washington

The Seattle-based cryptocurrency exchange, Coinme, has been authorized to resume full operations in Washington State following a temporary cease-and-desist order from the Washington State Department of Financial Institutions (DFI). The company announced on December 5, 2023, that it reached an agreement with the DFI after submitting financial records that clarified aspects of its business practices.

Earlier in December, the DFI alleged that Coinme improperly claimed over $8 million owed to customers as its own revenue, thus violating the Uniform Money Services Act. The company operates several bitcoin ATMs in Whatcom County, providing services through kiosks located in grocery stores within cities such as Bellingham, Ferndale, Lynden, and Blaine.

Details of the Agreement

According to the DFI, customers can utilize these kiosks to purchase paper vouchers redeemable for cryptocurrency via Coinme’s website or mobile application. The resolution of the issue allows Coinme to continue offering its services during a critical period, particularly as the holiday season approaches.

CEO Neil Bergquist expressed gratitude towards the DFI for their swift handling of the matter. “Our commitment to customer protection and regulatory compliance remains our top priority,” he stated. “We’re grateful to the WA DFI for addressing this during a busy holiday season. We look forward to working with the WA DFI to preserve our long-standing collaborative relationship that has been in place since our inception in 2014.

Customer Support Information

Customers who have inquiries regarding vouchers or account access can reach Coinme’s support team through various channels. They can call 888-459-9780, email [email protected], or visit help.coinme.com for assistance.

Coinme’s resumption of operations reflects its ongoing efforts to comply with regulatory standards while providing accessible cryptocurrency services to its users. The company aims to continue fostering trust and transparency within the rapidly evolving financial landscape.