Bitcoin Depot, once world's largest crypto ATM operator, files for bankruptcy amid regulatory crackdown
By
@icijorg
Summary
Bitcoin Depot, once the world's largest operator of cryptocurrency ATMs, has filed for bankruptcy and taken its network of approximately 9,700 kiosks offline. CEO Alex Holmes cited increasingly stringent compliance obligations, new transaction limits, and outright bans on crypto ATMs in some jurisdictions as making the business model no longer viable. The bankruptcy is the latest blow to an industry facing regulatory crackdowns aimed at stopping fraud, with allegations that crypto ATMs have facilitated hundreds of millions of dollars in scams annually.
Source
Twitter / XBitcoin Depot, once world's largest crypto ATM operator, files for bankruptcy amid regulatory crackdownicij.orgKey quotes
· 3 pulledThe company has taken its network — comprising some 9,700 kiosks — offline, CEO Alex Holmes said in a statement on its website, and will cease operations.
Holmes cited 'increasingly stringent compliance obligations, including new transaction limits, and in some jurisdictions, outright restrictions or bans' on crypto ATMs that have made the business model no longer viable.
With regulators cracking down on the cash-to-cryptocurrency kiosks in a bid to stop scammers, Bitcoin Depot has said that its business model is no longer viable.
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