Bitcoin of America, an Over the Counter (OTC) cryptocurrency exchange and a national operator of Bitcoin Kiosks, has been ordered to refund $86,000 to consumers in Connecticut, according to a recent announcement by the state’s Banking Commissioner, Jorge Perez.
The firm, known for its presence around the country with Bitcoin ATMs or BTMs, had been operating these kiosks without obtaining the necessary money transmitter license in Connecticut. These kiosks allowed consumers to purchase virtual currency using cash. However, four consumers in the state suffered substantial losses due to scams perpetrated through these unlicensed kiosks. This led to a settlement, and the firm is now winding down its operations in the state following a criminal indictment.
Commissioner Perez stated, “This case underlines the importance of vigilance when using virtual currency kiosks.” He emphasized the department’s commitment to ensuring that kiosk…
