Seattle cryptocurrency company faces cease and desist order from WA regulator Share Share Share Print Add News Unlock [View all]

The Washington State Department of Financial Institutions has issued a cease and desist order against Seattle-based cryptocurrency company Coinme.

The DFI is looking to revoke Coinme's money transmitter license and ban the company, along with co-founder and CEO Neil Bergquist, from any money-transmitting or currency-exchange business in Washington for 10 years. The regulator, which announced the order on Monday, intends to order Coinme to pay restitution to Washington customers of Coinme.2

According to the DFI, Coinme has violated Washington's Uniform Money Services Act, which regulates businesses that transmit money and exchange currency.

The order centers on a voucher system for Coinme customers to redeem crypto purchases that the DFI said Coinme used in 2023 and 2024. According to the DFI, when consumers failed to redeem their purchases on time, Coinme took the money as income, accumulating $2.2 million in 2023 and $6.2 million in 2024.

https://www.bizjournals.com/seattle/news/2025/12/04/coinme-dfi-washington-cease-desist-crypto-bitcoin.html