Washington State plans to revoke Coinflip license and impose a fine of $1029600
According to Bitcoin.com News, the Washington State Department of Financial Institutions has accused Coinflip and CEO Benjamin Weiss of violating the Uniform Currency Services Act, and intends to revoke Coinflip's license and impose a fine of $1029600. The Washington State Department of Financial Institutions stated that Coinflip has issues such as insufficient anti money laundering controls, inadequate transaction monitoring, failure to enforce transaction limits, inaccurate regulatory reporting, unclear fee disclosure, and failure to promptly refund payments to 15 customers. The proposed order requires Coinflip to refund eligible Washington state customers, with refunds for transaction fees and markup fees for customers aged 60 and above. Coinflip and Benjamin Weiss can apply for an administrative hearing to raise objections to the allegations.