CoinFlip facts for kids
| Private | |
| Industry | Bitcoin ATM |
| Founded | 2015 |
CoinFlip is a Bitcoin ATM operator headquartered in Chicago, IL and founded in 2015. The company manages and operates a network of over 1000 Bitcoin ATMs accepting cash, credit card, or debit cards in exchange for Bitcoin and other cryptocurrencies.
The company is governed by the US Department of Treasury’s Financial Crimes Enforcement Network. It must comply with strict AML and KYC directives and receives letters of no action or legal opinions before entering a new jurisdiction.
Regulations
CoinFlip supported California Assembly Bill 2150 sponsored by Assembly Member Ian Calderon to conduct a study into blockchain taxonomy and how to better define blockchain products and crypto assets. The bill was submitted on 13 August 2020.
It also supported New Jersey’s Assembly Bill 2891 to regulate digital currencies and establish consumer protections in that state.
Advocacy
CoinFlip is also a proponent of blockchain regulatory reform in the United States with its COO, Ben Weiss, having advocated for increased legal clarity in New Jersey and California. Some commentators have suggested that CoinFlip may be well positioned to provide infrastructure for the US digital dollar and emergency stimulus funding by providing identity checks and using Bitcoin ATMs for access to emergency funds.
CoinFlip is a member of the Blockchain Advocacy Coalition the Blockchain Association of New Jersey.
