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BTC Coime reached a settlement and promised to shut down its virtual currency kiosks network by January 2027.
Coime, a Seattle-based cryptocurrency remittance company and vending machine operator, has agreed to shut down its virtual currency vending machine (kiosk) network by January 1, 2027. The move is part of a $2.5 million settlement between the company and 34 state financial regulators.
The settlement was announced on October 8 by the Conference of State Bank Supervisors. The agreement addresses issues previously identified by regulators that Coinme's anti-money laundering (AML) controls on its vending machines did not meet the requirements of the Bank Secrecy Act (BSA).
Coinme faces an additional $4 million in fines if it fails to shut down the vending machine network on time. In addition, the company must hire independent consultants to review its BSA/AML compliance plan and submit reports to the states within six months, with any deficiencies corrected within 12 months of the report submission.
Problems found in state inspections
The enforcement action was led by Alaska, Arkansas, Georgia, Illinois, North Carolina, Ohio and Washington. Regulators found that Coinme's vending machine project failed to effectively mitigate risks, leaving its network in a long-term high-risk environment and vulnerable to abuse by criminals.
The action follows the 2025 case against Coinme by the Washington State Department of Financial Institutions. In the case, the state accused Coinme of counting more than $8 million in unconverted paper vouchers that should have belonged to customers into company revenue, as well as problems such as inaccurate receipt records and failed document declarations.
Cryptocurrency vending machines face compliance rectification
Coinme has partnered with Coinstar to operate approximately 6,00 cryptocurrency vending machines nationwide, becoming the latest vending machine operator to receive attention from U.S. law enforcement agencies. Regulators have repeatedly warned that cryptocurrency ATMs are a high-risk channel for fraud and money laundering. Recently, Australia regulators even forced the offline of 96 cryptocurrency ATMs.
As Bitcoin Depot filed for bankruptcy earlier this year, the industry's profit margins are beginning to shrink.
Coinme said: "The issue of multi-state inspections has been resolved through a consent order and the terms are being implemented." The company added that it will complete the transformation from a vending machine-based service by January 1, 2027.
Follow-up developments
The full exit of the vending machine network must be completed by January 1, 2027, and an independent consultant review will need to be conducted within six months. The consent order was a regulatory settlement rather than a criminal finding, and Coinme did not admit the states 'allegations.
The company is expected to continue to operate its application-based services and money transfers business while exiting its physical vending machine business. The deal is part of a broader state-level effort to bring cryptocurrency vending machine operators into compliance with remittance and anti-money laundering rules.
