CoinScoopWashington State DFI Moves to Revoke Coinflip License and Impose $1.03 Million Fine
The Washington State Department of Financial Institutions (DFI) has accused Coinflip and its CEO, Benjamin Weiss, of violating the Uniform Money Services Act. The regulator is seeking to revoke the company's money transmitter license, impose a $1.0296 million fine, and issue a permanent industry ban. A 2025 audit revealed deficiencies in anti-money laundering controls, transaction monitoring, and fee disclosures, alongside allegations that the firm failed to refund at least 15 customers. Coinflip is required to provide refunds to affected Washington residen
Summaries are written by AI from the original article. Not investment advice.