Salem – The Oregon Division of Financial Regulation and 33 other state financial regulatory agencies have reached a $2.5 million settlement with Coinme Inc., a Seattle-based cryptocurrency money transmitter and kiosk operator, for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws that safeguard the financial system from illicit use.  Under the terms of the settlement, Coinme has agreed to terminate its virtual currency kiosk operations by Jan. 1, 2027, or face an additional $4 million penalty. The settlement amount will be allocated among participating states based on transaction volume. Oregon will receive $101,425.34 as part of the settlement.  In addition, Coinme has agreed to hire an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML program and submit a report to the states within six months. Coinme will have 12 months to correct any deficiencies found in the review after the report is filed.  “State regulation of money services exists to protect consumers from scams and bad actors,” DFR Administrator TK Keen said. “DFR will continue to take action against companies that pose unfair risks to Oregon consumers.”  Cryptocurrency kiosks are frequently used in connection with fraud and other criminal activities, so DFR urges caution before consumers use kiosks.  “Nobody legitimate, be it the IRS, a utility, a bank, or a sweetheart you’ve never met, will tell you to feed money into a cryptocurrency kiosk,” Keen said. “If someone does, stop and call local law enforcement.”  Consumers can visit NMLS Consumer Access to verify that a company is licensed to do business in Oregon and can view if there are past enforcement actions against the company or individual.  If you believe you have been a victim of fraud or have questions, you can reach out to one of DFR’s consumer advocates at 888-877-4894 (toll-free) or email [email protected].