CoinFlip, a crypto ATM operator, has been ordered by California regulators to pay more than $4.8 million in compensation to scam victims and refund more than $350,000 in excessive fees.

An investigation by the California Department of Financial Protection and Innovation (DFPI) found that since 2021, CoinFlip had failed to verify users’ identities and effectively detect and prevent suspicious transactions.

According to the DFPI, these shortcomings enabled scammers to use around 500 CoinFlip ATMs to defraud people, particularly older adults. The machines are mostly located in supermarkets, gas stations, and similar venues.

The regulator also determined that CoinFlip accepted transactions exceeding $1,000 in a single day, charged excessive fees, and failed to provide the required information.

Source: https://tintucbitcoin.com/california-buoc-coinflip-tra-hon-48-trieu-usd-cho-nan-nhan-lua-dao/

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