Washington State Department of Financial Institutions (DFI) has filed charges against cryptocurrency ATM operator CoinFlip, aiming to revoke its license, ban the company and its associated executives from continuing operations in the industry, order the return of consumer funds, and impose a $1.0296 million fine. DFI accuses CoinFlip of failing to adequately protect consumers, including non-compliance with anti-money laundering and Bank Secrecy Act requirements, insufficient transaction monitoring, delayed alert processing by 6 to 9 months, failure to submit large transaction reports on time, delayed refunds, and providing inaccurate transaction cost information. Over 50% of CoinFlip's business in Washington State reportedly comes from senior citizens. The penalty has not yet been finalized, and CoinFlip and its executives have the right to request a hearing and raise objections. https://(wublock123.com)/news/washington-state-dfi-moves-to-revoke-coinflip-license-fine-1-03m-67854