The Illinois Department of Financial and Professional Regulation and 33 other state financial regulatory agencies have reached a $2.5 million settlement with Coinme Inc., a Seattle-based cryptocurrency money transmitter and kiosk operator.
The agency said the settlement resolves violations of Bank Secrecy Act and anti-money laundering laws that safeguard the financial system from illicit use.
Under the settlement, Coinme has agreed to terminate its virtual currency kiosk operations by Jan. 1, 2027, or face an additional $4 million penalty. The settlement amount will be allocated among participating states based on transaction volume.
Coinme has also agreed to hire an independent consultant to review its anti-money laundering program and submit a report to the states within six months. The company will have 12 months to correct any deficiencies found in the review after the report is filed.
"Enforcement actions are an important part of protecting consumers and maintaining confidence in our financial system, particularly as new financial products and technologies continue to emerge," said IDFPR Secretary Mario Treto, Jr.
IDFPR Director of Financial Institutions Francisco Menchaca said the settlement reinforces that financial obligations apply across the financial services landscape, regardless of the technology or business model involved.
Illinois, Alaska, Arkansas, Georgia, North Carolina, Ohio and Washington led the enforcement effort. The Division of Financial Institutions handled the matter for IDFPR.
The agency noted that Illinois' Digital Asset Kiosks Act, signed into law by Gov. JB Pritzker on Aug. 18, 2025, established new requirements for operators of digital asset kiosks, including reporting of kiosk locations and consumer protections. The law requires operators to provide full refunds to new customers who are victims of scams conducted through the kiosks, subject to the requirements of the law.
Illinois residents can visit NMLS Consumer Access to verify that a company is licensed to do business in Illinois.