[Over $4.8 Million in Compensation! California Orders Coinflip to Compensate Victims of Bitcoin ATM Scams] Odaily Planet Daily reports that the California Department of Financial Protection and Innovation (DFPI) on November 4th ordered cryptocurrency ATM operator Coinflip to compensate local scam victims over $4.8 million and pay over $350,000 in illegally collected fees to regulators. The order covers approximately 500 devices operated by Coinflip in California and requires it to cease its illegal activities. The investigation found that since 2021, Coinflip has failed to adequately identify users and has failed to effectively detect, prevent, report, and mitigate suspicious activity. Transactions also exceeded California's daily customer limit of $1,000 and involved issues such as failure to provide written disclosure before purchases and incomplete receipt information. The DFPI stated that scammers impersonate trusted institutions, claiming account or computer problems, and induce victims to withdraw cash and transfer funds through nearby ATMs; cryptocurrency purchased by victims by scanning QR codes is then transferred to the scammers' wallets. Regulators noted that the elderly are particularly vulnerable to such scams. (Bitcoin.com News)