BISMARCK, N.D.\u2014North Dakota has joined 33 other state financial regulators in a $2.5 million settlement with Seattle-based cryptocurrency kiosk operator Coinme over alleged violations of federal Bank Secrecy Act and anti-money-laundering requirements.<\/p>\n
Under the agreement, Coinme must end its virtual-currency kiosk operations by Jan. 1, 2027, or face an additional $4 million penalty.<\/p>\n
North Dakota will receive $10,000 from the settlement, with the broader payment divided among participating states based on transaction volume.<\/p>\n
Coinme also agreed to hire an independent consultant to review the effectiveness of its Bank Secrecy Act and anti-money-laundering program. The consultant\u2019s report must be submitted to participating states within six months.<\/p>\n
The company will then have 12 months to correct any deficiencies identified in the review.<\/p>\n
North Dakota Department of Financial Institutions Commissioner Lise Kruse said the enforcement action highlights the importance of licensed financial companies complying with state and federal requirements.<\/p>\n
The multistate action was led by regulators in Alaska, Arkansas, Georgia, Illinois, North Carolina, Ohio and Washington.<\/p>\n
State financial regulators routinely coordinate oversight of companies operating across multiple jurisdictions, including money transmitters and cryptocurrency businesses.<\/p>\n
North Dakota residents can contact the Department of Financial Institutions with questions about the enforcement action or use NMLS Consumer Access to verify whether a financial company is licensed to operate in the state.<\/p>\n