Bitcoin Depot CEO Departs Amid Broader Crypto ATM Crackdown

Bitcoin Depot has replaced its CEO little than 3 months aft a planned handoff, turning to erstwhile MoneyGram main Alex Holmes arsenic unit builds connected its crypto ATM business.

Scott Buchanan has resigned arsenic CEO and arsenic a director, according to an SEC filing connected Tuesday. Buchanan had held assorted elder enactment roles astatine Bitcoin Depot since 2019. His resignation was not owed to immoderate “disagreement” with the institution implicit its operations, policies, oregon practices, the filing indicates.

Its founder, Brandon Mintz, likewise stepped down arsenic enforcement president but volition stay connected the reduced six-member committee and is expected to proceed advising the CEO.

Holmes, a Bitcoin Depot manager since August past year, brings much than 16 years of elder payments acquisition from crossed remittances, banking, and regulatory compliance.

In a statement, Holmes said his priorities would halfway connected “operational stability, regulatory progress,” and pushing for the company’s “evolution into a much diversified fintech platform.”

Holmes antecedently served arsenic CEO of the fiscal services steadfast MoneyGram from 2016 to 2024, during which helium besides served arsenic chairman.

The determination unwinds a succession program unveiled successful November. Bitcoin Depot had said Buchanan would go CEO this year, portion Mintz would measurement backmost from the CEO relation and stay enforcement chairman.

That operation lasted little than 3 months, a turnover that arrives arsenic the institution navigates tightening authorities oversight and little expectations for its revenue.

Bitcoin Depot faces mounting unit connected its halfway kiosk concern aft Connecticut shut down its ATMs determination past week, claiming the institution was overcharging users and failing to contented refunds to fraud victims.

Other Bitcoin ATM operators person faced akin scrutiny, with California fining Coinhub $675,000 for overcharging customers and Chicago-based Crypto Dispensers weighing a $100 cardinal sale aft its laminitis was charged with wealth laundering.

In its latest fiscal report, Bitcoin Depot warned investors that its halfway gross could autumn by 30% to 40% this year, citing uncertainties stemming from a “dynamic regulatory situation and enhanced compliance standards.”

Bitcoin Depot remains the largest Bitcoin ATM relation successful North America, 10 years aft its founding. It operates implicit 9,000 kiosk locations globally.

Shares fell much than 14% connected Tuesday to $2.80, nearing their lowest constituent implicit the past year, according to Google Finance data.

Bitcoin Depot did not instantly respond to a petition for comment.