Coinflip Faces $1M Fine and License Revocation Over Crypto Kiosk Compliance Failures

Washington State regulators are seeking to revoke Coinflip's license and impose a $1.03 million fine over alleged compliance failures related to its crypto kiosk business.

The charges also demand consumer refunds and industry bans for the company and its CEO, Benjamin Weiss.

The Washington State Department of Financial Institutions (DFI) announced that it had filed charges against GPD Holdings LLC, doing business as Coinflip, after a 2025 examination identified deficient compliance and risk management practices.

According to DFI, Coinflip's crypto kiosk business presented a heightened scam risk for seniors, who generated more than 50% of the company's Washington business.