CoinCafe is a New York City-based virtual currency company that was founded in 2013. The company allows people to buy Bitcoins in-person, at bank, money order, cashier's check, and online. CoinCafe also provides a Bitcoin wallet service that allows users to store, send, and receive Bitcoins on a short-term basis. The company's website provides instructions on how to buy Bitcoins and store them securely in a wallet. However, in May 2023, the New York Attorney General secured $4.3 million from CoinCafe for defrauding investors. The company failed to register with the OAG as a commodity broker-dealer as required by law and started charging storage fees for its wallet service despite claiming to provide its investors with a free account and free wallet storage.
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