Bitcoin Depot, a Bitcoin ATM operator, has its license suspended by Connecticut

CoinNetwork · 2026-03-18T07:27:31+00:00

Bitcoin Depot has had its money transmission license suspended in Connecticut for operating in violation of regulations, including excessive fees and failure to issue full refunds, resulting in approximately $150,000 in consumer losses. The company's stock price continues to decline, and the organization has significant internal control deficiencies.

CoinNetwork

2026-03-18 07:27:31

Abstract generation in progress

Crypto World News, March 18 — The world’s largest Bitcoin ATM operator, Bitcoin Depot, has been temporarily suspended from its money transmission license by regulators in Connecticut. The authorities found multiple violations in Bitcoin Depot’s operations in the state: charging some users fees exceeding the state’s 15% cap, involving over 1,000 transactions, resulting in more than 500 consumers overpaying by approximately $150,000; failing to fully refund funds sent by scam victims through its self-service kiosks; and not meeting certain disclosure and compliance requirements. The order requires the company to immediately cease operations in the state and shut down its self-service terminals. Bitcoin Depot stated in another document that it expects to report unresolved “material weaknesses” in its internal controls in its annual report. The company’s stock closed Tuesday at around $4, down about 39% over the past month and approximately 55% since the beginning of the year.

BTC-1.59%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

1 Likes