On January 5, the Maine Bureau of Consumer Credit Protection (BCCP) announced it has entered into a consent agreement with a virtual currency kiosk operator, resolving its dispute over alleged unlicensed money transmission activities and violations of Maine’s consumer protection laws. The BCCP alleged that the operator conducted money transmission functions through its kiosks without the required state license, in violation of the Maine Money Transmission Modernization Act (MMTMA). After an investigation, the BCCP identified consumer transactions in which Maine residents suffered financial losses through the operator’s kiosks due to “third-party scammers.”
Under the settlement, the operator agreed to pay $1.9 million to the state attorney general’s office, which will distribute the funds to consumers who submit verifiable claims of loss and agree to release the operator from related claims. The operator also agreed to comply with the BCCP’s MMTMA Advisory Ruling #1, which requires money transmitters to employ technology to reasonably evidence that consumers own and control their virtual wallets, beyond relying solely on consumer attestation. The BCCP issued a money transmitter license to the operator, effective through December 31, 2026, contingent on full compliance with Maine law. The consent agreement resolved all pending matters and did not constitute an admission of wrongdoing or liability by the operator.
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