Well-Known Bitcoin Firm Hit with 10-Year Ban

Crypto Market Decline: The total crypto market cap has plummeted from $4.28 trillion to $3.15 trillion, with Bitcoin struggling to maintain a price above $90,000 after reaching a record high of over $126,000.

Company Shutdowns and Legal Issues: Several crypto firms, including DappRadar and Tether, are shutting down operations or winding down due to rising costs and legal pressures, with notable cases involving Huione Pay and Tokenize Xchange facing lawsuits.

Regulatory Actions Against Coinme: The Washington State Department of Financial Institutions has issued charges against Coinme and its CEO for deceptive practices, including misreporting customer funds and failing to maintain required financial standards.

Potential Penalties for Coinme: Regulators are seeking to revoke Coinme's money transmitter license, impose a $300,000 civil fine, and enforce restitution for affected customers, while Coinme retains the right to contest the charges.