Bitcoin Depot, a Bitcoin ATM operator, has replaced its CEO. According to a filing with the U.S. Securities and Exchange Commission (SEC), CEO Scott Buchanan resigned from his positions as Executive Director and Board Member. The company stated that the resignation was not due to conflicts of opinion regarding operations, policies, or practices.
Alex Holmes, former CEO of MoneyGram, has been appointed as the successor. Holmes, who has over 16 years of experience in remittance, banking, and regulatory compliance, has been on the Bitcoin Depot board since August of last year. He cited “operational stability, regulatory compliance, and business diversification” as his priorities.
Founder Brandon Mintz has also stepped down as Executive Chairman and is set to remain on the six-member board to serve as an advisor to the CEO. The succession plan announced last November lasted less than three months.
Connecticut Business Suspension… License Temporarily Halted
The change in management is coupled with tightening state-level regulations. On March 9, Connecticut financial authorities issued a cease-and-desist order against the entity operating Bitcoin Depot and temporarily suspended its funds transfer license. The authorities cited charges exceeding the 15% fee cap, incomplete refunds to fraud victims, and failure to fulfill disclosure and compliance obligations.
Connecticut announced that fees exceeding legal limits were charged on over 1,000 transactions, resulting in approximately $150,000 in excess fees for more than 500 consumers. Under the order, kiosks in the state were immediately shut down. Authorities also hinted at the possibility of clawbacks, fines, and license revocation.
The company announced through a disclosure regarding the delay in submitting its annual report that it expects "material weaknesses" to exist in its internal controls. However, it explained that there are no material errors in the existing financial statement figures.
Sanctions in Multiple States… Revenue Expected to Decline 30–40% by 2026
Bitcoin Depot is facing lawsuits and sanctions in other states as well. In February, the Massachusetts Attorney General filed a lawsuit alleging involvement in cryptocurrency ATM fraud. Iowa is also pursuing legal action for inadequate consumer protection. In Maine, the company accepted consumer compensation and compliance requirements under a $1.9 million settlement.
Performance is also slowing. The company projected annual revenue of $615 million in 2025, a 7% increase from the previous year, but net income fell from $7.8 million to $5.1 million. Fourth-quarter revenue was $116 million, down from $136.8 million in the same period last year.
Bitcoin Depot warned that core business revenue could decline by 30–40% in 2026 due to a “dynamic regulatory environment and strengthened compliance standards.” Although it is the largest operator in North America, currently running over 9,000 kiosks worldwide and more than 8,400 by the end of 2025, stricter state-level regulations are placing a direct burden on its business model.
The stock price has plummeted. BTM has fallen more than 50% year-to-date, and recently dropped more than 14% in a single day, approaching its lowest level in a year.
As U.S. states tighten oversight regarding cryptocurrency ATM fees and fraud prevention obligations, this CEO change is interpreted as an attempt to shift the focus toward business stabilization and regulatory compliance. However, if state-level enforcement continues, there is a possibility that inspections could spread across the entire industry.
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