California orders CoinFlip to pay $4.8 million to scam victims

According to Banking Dive, California has ordered crypto ATM operator CoinFlip to pay $4.8 million to people who lost money to scams. The state also criticised federal regulators, saying they have not done enough to address fraud in the crypto sector.

This action signals growing scrutiny of crypto firms by state authorities. For senior executives in finance, the move shows that state-level enforcement can fill gaps left by federal agencies, raising compliance risks for firms operating in multiple jurisdictions.