Core Points - Washington state regulators have ordered Coinme to cease operations and repay over $8 million in unclaimed customer funds, accusing the company of misclassifying unredeemed vouchers as income and violating money-transmission regulations [1][5] - Coinme allegedly claimed $8.37 million in unredeemed customer vouchers as income between January 2023 and December 2024, with $2.2 million from Washington customers at the end of 2023 and $6.17 million from both Washington and non-Washington customers at the end of 2024 [2] - The company sold crypto through paper vouchers that users purchased at kiosks, but many users did not redeem them, leading Coinme to treat these funds as its own income without proper disclosure [3] Regulatory Actions - Coinme has 20 days to request a hearing; if not, the cease-and-desist order will become permanent [4] - The order mandates Coinme to stop serving Washington customers, segregate customer assets, and pay restitution based on user payments or the crypto's value at the time of the order [5] - The Department of Financial Institutions intends to revoke Coinme's money transmitter license and impose a fine of $300,000 along with a $375 investigation fee [5] Leadership Implications - The charges also target Neil Bergquist, co-founder and CEO of Coinme, seeking to prohibit him and the company from participating in any money transmitter business for ten years [6] - Coinme's Chief Compliance and Consumer Protection Officer stated that the firm was unaware of the DFI's concerns until the announcement [6]

Financial Performance - Remitly's Q1 2025 revenue reached $362 million, a 34% year-over-year increase[11] - Send volume grew by 41% year-over-year, reaching $162 billion in Q1 2025[37] - Quarterly active customers increased by 29% year-over-year, totaling 8 million[37] - GAAP Net Income was $11 million in Q1 2025[11] - Adjusted EBITDA for Q1 2025 was $58 million, representing a 162% margin[11] Future Outlook - Remitly projects 2025 revenue between $1574 billion and $1587 billion, indicating a 25% to 26% year-over-year growth[49] - The company anticipates 2025 Adjusted EBITDA to be in the range of $195 million to $210 million[49] - For Q2 2025, Remitly forecasts revenue between $383 million and $385 million, a 25% to 26% year-over-year increase[52] - Q2 2025 Adjusted EBITDA is projected to be between $45 million and $47 million[52] Strategic Initiatives - Remitly experiences over 45% year-over-year growth in send volume from transactions exceeding $1000[21] - The company highlights that over 93% of transactions are disbursed in less than 1 hour[29]