WHATCOM COUNTY, WA (MyBellinghamNow.com) – The state is taking action against a cryptocurrency distributor with locations throughout Whatcom County.
The Washington State Department of Financial Institutions (DFI) is seeking a $1.5 million fine against Bitcoin Depot and wants to bar it from the crypto industry.
Regulators claim the company’s crypto kiosks overcharged customers by up to 42% above market value, among other violations.
An investigation found most of the alleged victims who used the ATMs were over the age of 60.
The crypto company has 12 ATMs scattered throughout Whatcom County, including in Bellingham, Ferndale and Blaine.
State residents can submit complaints to DFI or file a direct claim against Bitcoin Depot, which recently filed for bankruptcy.
