CoinFlip built a strong reputation as a large, multi-state operator with 4,300+ locations and 50-state coverage — one of only a few with truly national reach. The Iowa AG lawsuit changed the picture significantly: allegations of a 94.92% scam rate and $11.2 million in consumer losses, combined with claims of hidden 21% fees, represent existential-level legal risk. The Missouri AG investigation adds further pressure. CoinFlip denies the allegations and maintains its compliance practices are sound. The rating reflects the severity of pending government actions against what was previously a well-regarded network.
About CoinFlip
CoinFlip is one of the largest Bitcoin ATM operators in the United States with over 4,300 machines across 50 states.
Founded in Chicago in 2015, CoinFlip offers both Bitcoin buying and selling at most locations. Note: CoinFlip is currently facing an Iowa AG lawsuit - see regulatory section below.
Visit coinflip.tech for more information.
Buy & Sell
Two-way transactions
24/7 Support
Always available
Nationwide
50 states covered
Multi-Crypto
Multiple cryptocurrencies
High regulatory risk - review details before transacting
AG Catherine Hanaway issued CID to CoinFlip as part of statewide investigation into cryptocurrency kiosk operators. Investigation focuses on fee disclosure practices and anti-fraud policies.
Investigation found 94.92% of Iowa transactions through CoinFlip ATMs since Oct 2023 were scam-related. $11.2 million in consumer losses documented over 3 years - the highest of any operator investigated.
AG Brenna Bird filed lawsuit in Polk County District Court alleging violations of Iowa Consumer Fraud Act. Allegations include: hidden 21% transaction fees, failure to prevent $11.2M in scam transactions, majority of victims over age 60. State seeking permanent Iowa ban, full refunds to scam victims, and fee caps. CoinFlip stated it 'doesn't believe these allegations reflect or align with CoinFlip's strong compliance and consumer protection practices.'
Consent order related to money transmission operations
DOB consent order regarding compliance matters