Bitcoin Depot files bankruptcy, will sell assets under court supervision
Bitcoin Depot, once the largest crypto ATM company in North America, just filed for bankruptcy and is closing shop.
On May 18, the company said all its ATMs are now offline and its assets will be sold under court supervision.
CEO Alex Holmes explained that rising regulations and ongoing lawsuits made it impossible to keep going.
Iowa and Massachusetts sue Bitcoin Depot
Bitcoin Depot faced lawsuits from Massachusetts and Iowa, accusing it of helping scammers steal over $10 million from locals, especially after the company reportedly removed safeguards on big transactions.
The FBI logged more than 13,000 crypto ATM scam complaints last year alone.
With several states banning or tightening rules on crypto kiosks and a nearly 50% revenue drop in early 2026, Bitcoin Depot's business couldn't survive.
Before shutting down, it ran over 9,200 kiosks across the US Canada, and Australia.