🚀 Washington State Reaches Settlement With GS Partners Over Securities Violations
#WashingtonState #Settlement #SecuritiesViolations #DFI #GSPartners #InvestorClaims #Cryptocurrency #MetaCertificates #MultiLevelMarketing #GSBGroup
According to PANews, after more than a year of negotiations, the Washington State Department of Financial Institutions (DFI) has reached a multi-state settlement agreement with GS Partners. The DFI is encouraging Washington state residents who invested with GS Partners to submit claims through the Gold Standard Bank settlement plan. The portal is expected to open in early November 2024 and will accept claims for a 90-day period. Investors are advised to prepare relevant documents, such as cryptocurrency wallet addresses, transaction IDs, and deposit records, before submitting their claims. Compensation will be paid in cryptocurrency to the investors' crypto wallets after eligibility verification by GS Partners.
Previously, in November 2023, the DFI, along with other state regulatory agencies, filed a lawsuit against GS Partners, alleging violations of Washington state securities laws. The allegations involved Swiss Valorem Bank Ltd., GSB Gold Standard Bank Ltd., Josip Heit, and Stephen McNeal, focusing on their MetaCertificates product and multi-level marketing scheme. This action was coordinated by a multi-state task force, with participation from Canadian securities regulators. Last month, five states—Alabama, Arizona, Arkansas, Georgia, and Texas—reached a settlement agreement with the GSB Group.#WashingtonState #Settlement #SecuritiesViolations #DFI #GSPartners #InvestorClaims #Cryptocurrency #MetaCertificates #MultiLevelMarketing #GSBGroup
🚀 Washington State Orders Coinme to Cease Operations and Refund Customers
#WashingtonState #Coinme #BitcoinATM #cryptocurrency #moneytransmission #unclaimedfunds #ceaseanddesist #financialregulation #voucherfraud #DFI #moneytransmissionlicense #NeilBergquist #investigation #fine #cryptoregulatoryaction #financialinstitutions #BTC
According to ChainCatcher, Washington state regulators have ordered Bitcoin ATM operator Coinme to halt its operations and return over $8 million in unclaimed funds to customers. The company is accused of treating unredeemed vouchers as revenue, violating money transmission regulations.
The Washington State Department of Financial Institutions (DFI) issued a temporary cease-and-desist order and statement of charges, stating that Coinme's cryptocurrency purchase voucher system breached the state's Uniform Money Services Act. Between January 2023 and December 2024, Coinme allegedly accounted for $8.37 million in unredeemed customer vouchers as company revenue.
Regulators are seeking to revoke Coinme's money transmission license, impose a $300,000 fine plus a $375 investigation fee, and ban the company and its CEO, Neil Bergquist, from participating in any money transmission business for ten years. Coinme has 20 days to request a hearing, or the temporary order will become permanent.#WashingtonState #Coinme #BitcoinATM #cryptocurrency #moneytransmission #unclaimedfunds #ceaseanddesist #financialregulation #voucherfraud #DFI #moneytransmissionlicense #NeilBergquist #investigation #fine #cryptoregulatoryaction #financialinstitutions #BTC