California's Department of Financial Protection and Innovation ordered Coinflip to pay over $4.8 million to victims of Bitcoin ATM scams due to inadequate fraud safeguards. Investigations revealed Coinflip failed to properly identify users and prevent suspicious activities, allowing scammers to exploit customers, especially older adults. The order also requires Coinflip to pay over $350,000 in excessive fees and to stop unlawful practices. This action is part of wider regulatory efforts to protect consumers from crypto ATM fraud in California and other states.
California's Bitcoin ATM scam victims are set to receive a $4.8 million payout following regulatory action. For readers following cryptocurrency markets, here is Pluang's market snapshot as of Nov 09, 2026 11:01 WIB: out of 50 major cryptocurrencies, 7 rose and 42 fell today. Notable movers include XTZ (Tezos) at Rp4.555 with a 5.48% decline and a typical hold time of 101 days, ETH (Ethereum) at Rp38.724.549 down 4.16% with 108 days typical hold time, and FIL (Filecoin) at Rp13.619 down 4.04% with a 100-day hold time. Pluang order activity shows a strong sell bias for XTZ and FIL, while ETH sees more buying interest.
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