CoinFlip

CoinFlip is a Bitcoin ATM operator headquarter 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 including Steller Lumens XLM, Ethereum, Dogecoin, and Litecoin.
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. The ATMs are primarily installed at convenience stores, casinos, and gas stations across the USA.
The company earns money from transaction fees, charging 6.99% fee for buying and selling cryptocurrencies across all its ATMs.
Regulations
CoinFlip supported California Assembly Bill 2150 sponsored by Assembly member Ian Canderon 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 protection in that state.
Awards & Recognition
In 2021, CoinFlip was named Chicago's fastest growing company of 2020. That same year, Coinflip was awarded the Silver Stevie Award for Sales & Customer Service.
In June 2021, actor Neil Patrick Harris partnered with CoinFlip by demonstrating the ease of use of using a CoinFlip Bitcoin ATM. Adweek hailed the commercial as the future of Crypto TV ads. The campaign entitled "So Flippin' Easy" features Harris who is also an early Bitcoin investor. A television campaign launched nationally across the USA and on OTT spots.
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.
In 2021, Law.com interviewed CoinFlip founder Ben Weiss on what regulations and challenges the crypto industry is facing and where it's headed in light of the XRP Ripple lawsuit vs the SEC.
In June 2021, CoinFlip added support for Dogecoin at its ATMs after a surge in Dogecoin support came from both institutional and retail investors, including Dallas Maverick's owner and billionaire Mark Cuban.
CoinFlip is a member of the Blockchain Advocacy Coalition the Blockchain Association of New Jersey.

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