CoinZoom Visa Card Black

Documented events with consequences still open. Each entry carries a source and a date.

1. Feb 9, 2026 Regulatory action Severe $150K ● open

   Washington: money transmitter licence to be surrendered, barred from the industry until 2029 and a $150,000 fine. In the case file: tangible net worth below a third of the legal minimum for three years

   On 9 February 2026 the Washington State Department of Financial Institutions entered a Consent Order (No. C-25-3892-26-CO01) against CoinZoom, Inc. (NMLS #1735216). It closes the proceeding opened by Statement of Charges No. C-25-3892-25-SC01 of 27 August 2025, in which the regulator had announced its intent to revoke the licence. Primary source: both documents, published in full by the regulator and read by us. WHAT IT ORDERS. Cease and desist from violations of the Uniform Money Services Act; surrender of the money transmitter licence within 90 days of entry; a ban on holding itself out as an approved money transmitter for state residents without a new licence; an obligation to notify all customers in the state within 10 days of the licence surrender, with clear instructions on how to withdraw funds and close accounts; remittance of unclaimed funds to the state's Unclaimed Property Program within 90 days; a bar from the money transmission industry in Washington until 9 February 2029; a $150,000 fine, of which $50,000 is stayed until 9 February 2029 and cancelled on that date if the order is complied with; plus $4,170 in investigation fees. The company admits no wrongdoing and waives its hearing: that is the standard formula in these settlements, and it is reported as such. THE ALLEGATION THAT ACTUALLY MATTERS. These are not filing delays. The regulator's examination covered 1 April 2022 to 31 December 2024 and the first charge is about capital: in 2022, 2023 and 2024 the company was required to maintain a tangible net worth of $3,000,000 and "maintained less than one-third of that requirement in each of those years". The second is an "unsafe and unsound business practice": in 2024 the financial records were not accurate, with the fourth-quarter call report to the regulator and the draft audited financial statements as of 31 December 2024 containing conflicting figures. Then: failure to report a lawsuit filed on 9 November 2023; failure to timely report at least three orders received from other states in 2024 and 2025 — a Suspension Order from Ohio, a Consent Order from Texas and a Suspension Order from North Carolina; annual reports that did not reconcile with the quarterly ones for 2022 and 2023; and the inability, in February 2025, to show that its $100,000 surety bond was adequate for the volume of money transmission conducted. WHAT THIS DOCUMENT DOES NOT SAY. There is no theft, no data breach, no established loss of customer funds. The statutory definition the regulator applies, though, is worth reading: an "unsafe or unsound practice" means conduct that "creates the likelihood of material loss, insolvency, or dissipation of the licensee's assets, or otherwise materially prejudices the financial condition of the licensee or the interests of its customers". It is a judgement on the soundness of whoever holds the money, not on its website. STATUS. The order is in force and its obligations run to February 2029. We have not verified first-hand that the licence was actually surrendered within the 90 days, nor that customers in the state were notified: for that reason the entry stays open and unresolved. As of 26 September 2026 the Washington proceeding is settled by this agreement, while the Statement of Charges described the investigation as "continuing" at its own date.

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verified on Sep 26, 2026

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