Coin Cafe to repay $4.3M in fees that 'wiped out' investors' Bitcoin accounts

Coin Cafe to repay $4.3M in fees that ‘wiped out’ investors’ Bitcoin accounts

The platform was charging investors ‘exorbitant and undisclosed fees’ with one user being charged recurring fees of $51,000 over a span of 13 months, according to the statement.

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Cryptocurrency trading platform Coin Cafe has been ordered to repay $4.3 million to its users after allegedly charging “exorbitant and undisclosed fees” for storing Bitcoin on the platform — leading to some accounts being drained entirely of its funds.

Based in Brooklyn, Coin Cafe initially filed an application for a virtual currency license with the New York State Department of Financial Services in July 2015, however, was only approved in January this year.

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Despite the seven-and-a-half-year application process, it was allowed to operate throughout but was flagged as putting “investors at risk,”

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