{"id":3741753,"date":"2026-05-18T11:47:24","date_gmt":"2026-05-18T15:47:24","guid":{"rendered":"https:\/\/www.pymnts.com\/?p=3741753"},"modified":"2026-05-18T11:47:24","modified_gmt":"2026-05-18T15:47:24","slug":"bitcoin-depot-shutters-crypto-atms-face-more-scrutiny","status":"publish","type":"post","link":"https:\/\/www.pymnts.com\/cryptocurrency\/2026\/bitcoin-depot-shutters-crypto-atms-face-more-scrutiny\/","title":{"rendered":"Bitcoin Depot Shutters as Crypto ATMs Face More Scrutiny"},"content":{"rendered":"<p><a href=\"https:\/\/bitcoindepot.com\/\">Bitcoin Depot<\/a>, the world\u2019s largest operator of cryptocurrency ATMs, is shutting down after declaring bankruptcy, according to a Monday (May 18) <a href=\"https:\/\/www.globenewswire.com\/news-release\/2026\/05\/18\/3296277\/0\/en\/bitcoin-depot-initiates-voluntary-chapter-11-process-to-facilitate-an-orderly-wind-down-and-sale-of-the-company-s-assets.html\">press release<\/a>.<\/p><div\r\n\tid=\"article-paywall-overlay\"\r\n\tclass=\"d-none\"\r\n>\r\n\t<div id=\"article-paywall-content\" class=\"my-4\">\r\n\t\t\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f2699550-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"2699550\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/wp-json\/wp\/v2\/posts\/3741753#wpcf7-f2699550-o1\" method=\"post\" class=\"wpcf7-form init pymnts-article-paywall-form\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"2699550\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f2699550-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input 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you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our <a class=\"fw-bold\" href=\"https:\/\/pymnts-com-develop.go-vip.net\/privacy-policy\/\">Privacy Policy<\/a> and <a class=\"fw-bold\" href=\"https:\/\/pymnts-com-develop.go-vip.net\/terms-conditions\/\">Terms and Conditions<\/a>.\n\t\t\t\t<\/p>\n\t\t\t\t<p><input id='hiddenPath' type='hidden' name='path' value='' \/><input type='hidden' name='userDeviceId' id='userDeviceId' \/><input type='hidden' name='pageTitle' id='pageTitle' \/>\n\t\t\t\t<\/p>\n\t\t\t<\/div>\n\t\t\t<div class=\"col-12\">\n\t\t\t\t<div id='formButtonRow' class='container mt-1 px-0'>\n\t\t\t\t\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner btn btn-dark text-uppercase py-2 px-5 small\" id=\"theSubmitButton\" type=\"submit\" value=\"Submit\" \/>\n\t\t\t\t\t<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div><input type=\"hidden\" name=\"post_id\" value=\"3741753\" \/><input type=\"hidden\" name=\"source\" value=\"https:\/\/www.pymnts.com\/cryptocurrency\/2026\/bitcoin-depot-shutters-crypto-atms-face-more-scrutiny\/\" \/><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"60\"\/><script>document.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );<\/script><\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\r\n\t<\/div>\r\n<\/div>\r\n<div id=\"article-paywall-hidden-content\">\r\n\t\n<p>The company is seeking Chapter 11 bankruptcy protection and will begin winding down its business and selling its assets, the release said.<\/p>\n<p>Bitcoin Depot CEO <a href=\"https:\/\/www.linkedin.com\/in\/walexholmes\">Alex Holmes<\/a> said in the release that the bankruptcy is happening despite efforts to improve fraud protection measures for customers by offering \u201cenhanced identity verification, customer fraud warnings and \u2026 lower transaction limits\u2026\u201d<\/p>\n<p>\u201cNevertheless, the regulatory environment for BTM operators has shifted significantly,\u201d Holmes said in the release. \u201cStates have imposed increasingly stringent compliance obligations, including new transaction limits, and in some jurisdictions, outright restrictions or bans on <a href=\"https:\/\/www.pymnts.com\/cryptocurrency\/2026\/crypto-atms-under-fire-following-wave-of-fraud\/\">BTM operations<\/a>; and operators have faced increasing <a href=\"https:\/\/www.pymnts.com\/cryptocurrency\/2025\/crypto-atms-branded-as-fraud-pipelines-in-landmark-dc-lawsuit\/\">litigation<\/a> and regulatory enforcement. These developments have materially affected Bitcoin Depot\u2019s business and financial position. Under these circumstances, the company\u2019s current business model is unsustainable.\u201d<\/p>\n<p>The news came two months after Connecticut\u2019s banking regulator <a href=\"https:\/\/www.pymnts.com\/cryptocurrency\/2026\/bitcoin-depots-atms-face-compliance-related-ban-in-connecticut\/\">suspended<\/a> Bitcoin Depot\u2019s money transmission license. The state alleged that the company had violated compliance requirements, overcharging customers and failing to refund fraud victims.<\/p>\n<p>Bitcoin Depot was also <a href=\"https:\/\/www.pymnts.com\/cryptocurrency\/2026\/canada-moves-to-outlaw-crypto-atms-amid-rising-fraud\/\">sued<\/a> in Massachusetts after investigators allegedly found that more than half of the money flowing through its kiosks in the state between August 2023 and January 2025 was scam related. The company has said it disputes claims that it facilitates scams and that it works with law enforcement to prevent financial crime.<\/p><div id=\"pymnt-667007963\" class=\"pymnt-content pymnt-entity-placement\" style=\"margin-top: 50px;\"><p style=\"text-align:center\">Advertisement: Scroll to Continue<\/p><script async type=\"text\/javascript\" id=\"dianomi_context_script\" src=\"https:\/\/www.dianomi.com\/js\/contextfeed.js\"><\/script> \r\n<div class=\"dianomi_context\" data-dianomi-context-id=\"4329\"><\/div><\/div>\n<p>The <a href=\"https:\/\/www.ftc.gov\/\">Federal Trade Commission<\/a> said that as <a href=\"https:\/\/www.pymnts.com\/news\/security-and-risk\/2024\/ftc-reports-tenfold-increase-in-scams-involving-bitcoin-atms\/\">crypto ATMs<\/a> have become more prominent, they have turned into a \u201cpayment portal for scammers.\u201d<\/p>\n<p>The regulator said in 2024 that scammers were increasingly turning to bitcoin ATMs to carry out government impersonation, business impersonation and tech support scams.<\/p>\n<p>However, crypto industry proponents said bans on the ATMs won\u2019t prevent fraud and could hurt consumers.<\/p>\n<p>\u201cEliminating them may reduce certain <a href=\"https:\/\/www.pymnts.com\/cryptocurrency\/2026\/crypto-atms-under-fire-following-wave-of-fraud\/\">fraud<\/a> vectors, but it also removes one of the last public-access tools for financial privacy and cash-to-crypto conversion,\u201d <a href=\"https:\/\/www.linkedin.com\/in\/alex-davis-mavryk\/\" target=\"_blank\" rel=\"noopener\">Alex Davis<\/a>, founder and CEO of blockchain company <a href=\"https:\/\/mavryk.org\/\">Mavryk<\/a>, said in an interview with CNBC earlier this year. \u201cThe question isn\u2019t whether crypto ATMs should exist; it\u2019s whether society is comfortable with a future where every dollar must pass through a fully surveilled, fully permissioned gatekeeper.\u201d<\/p>\n<p><em>For all PYMNTS digital transformation coverage, subscribe to the daily <\/em><a href=\"https:\/\/pymnts.com\/subscribe\/\"><em>Digital Transformation Newsletter<\/em><\/a><em>.<\/em><\/p>\n\r\n<\/div>\r\n<script>\r\n\twindow.pymntsAllowedArticleCount = 1;\r\n\twindow.pymntsPostID = 3741753;\r\n<\/script>","protected":false},"excerpt":{"rendered":"<p>Bitcoin Depot, the world\u2019s largest operator of cryptocurrency ATMs, is shutting down after declaring bankruptcy, according to a Monday (May 18) press release. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content \u2014 no additional logins required. yesSubscribe to our daily newsletter, PYMNTS Today. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2014456,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","pymnts_footnotes":""},"categories":[34410],"tags":[6861,4082,63950,6132,4577,7617,9206,133069,5299],"class_list":["post-3741753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bankruptcy","tag-bitcoin","tag-bitcoin-depot","tag-blockchain","tag-cryptocurrency","tag-fintech","tag-news","tag-pymnts-news","tag-whats-hot"],"acf":{"suggested_titles":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin Depot Shutters as Crypto ATMs Face More Scrutiny<\/title>\n<meta name=\"description\" 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