Massive Crypto ATM Company Bitcoin Depot Is Shutting Down as the Whole Industry Collapses
Bitcoin Depot, the largest network of crypto ATMs in North America, is shutting down due to legal scrutiny and regulatory challenges. The company has filed for Chapter 11 bankruptcy and plans to sell its assets while facing lawsuits over allegations of facilitating crypto scams. This decision comes amid a broader crackdown on crypto ATMs across various states in the U.S.
- ▪Bitcoin Depot operated 9,276 kiosks across the U.S., Canada, and Australia before shutting down.
- ▪The company is facing lawsuits from attorneys general in Massachusetts and Iowa over allegations of fraud.
- ▪FBI data reported 13,460 crypto ATM fraud complaints last year, resulting in $389 million in losses.
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Bitcoin Depot, once the largest network of crypto ATMs in North America, is calling it quits following mounting legal scrutiny and a state-by-state crackdown on Bitcoin teller machines (BTMs) over fraud concerns. The company, which operated kiosks where customers could exchange cash for Bitcoin, announced Monday that it has filed for Chapter 11 bankruptcy and is winding down its operations. It operated 9,276 kiosks across the U.S., Canada, and…
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