Bulletin # 3112 - Week Ending October 13, 2023

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications.  Any observations you may have are solicited.  Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten business days from the date of this bulletin.

CONSUMER CREDIT DIVISION ACTIVITY 

Consent Order

On October 3, 2023, the Commissioner entered into a Consent Order with LSGT Services LLC d/b/a Coinhub d/b/a Lowest Fee Bitcoin ATMs (NMLS # 2344713) (“LSGT”), Las Vegas, Nevada. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that since September 2022 LSGT engaged in the business of money transmission in this state without the required license by operating virtual currency kiosks which allowed transmission of currency to a third party, in violation of Section 36a-597(a) of the Connecticut General Statutes. As part of the Consent Order, among other things, LSGT paid $50,000 as a civil penalty, $3,000 as payment for back licensing fees and agreed to pay restitution to identified Connecticut consumers.