Washington State Proposes to Revoke Coinflip's License and Impose $1.0296 Million Fine

The Washington State Department of Financial Institutions (DFI) has accused Coinflip and its CEO Benjamin Weiss of violating the Uniform Money Services Act, seeking to revoke Coinflip's money transmission license, prohibit the company and its executives from continuing operations, and impose a fine of $1.0296 million. The DFI discovered during a 2025 inspection that Coinflip had insufficient anti-money laundering controls, inadequate transaction monitoring, failure to implement transaction limits, inaccurate regulatory reporting, and unclear fee disclosures. Additionally, Coinflip failed to timely refund at least 15 customers as required. The proposed order requires Coinflip to refund eligible customers in Washington State, with customers aged 60 and above eligible for refunds of transaction fees and markup fees. Coinflip and Benjamin Weiss may request an administrative hearing to contest the allegations, refund requirements, license revocation, fines, and industry bans.

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