Alex Holmes takes over as CEO of Bitcoin Depot amid legal actions in several US states concerning fees, scams, and money laundering linked to crypto ATMs.
Bitcoin Depot announced on Tuesday that Alex Holmes, a veteran of MoneyGram with over 16 years of experience including roles as finance chief and CEO, has been appointed as its new CEO and chair. This leadership change occurs as the company navigates growing regulatory pressure from US states regarding crypto ATM operations.
Leadership Transition at Bitcoin Depot
Scott Buchanan, who had served as CEO for less than three months since January 1, resigned immediately, with the company stating in a regulatory filing that the departure was not due to any disagreement. Holmes, already a board member, will focus on operational stability, regulatory compliance, and expanding the company into a diversified fintech platform, according to his statement.
Additionally, Bitcoin Depot's founder and former CEO, Brandon Mintz, will transition to a non-executive board member and serve as an adviser to Holmes, supporting the company's ongoing efforts.
Regulatory Challenges Facing Crypto ATM Operators
In Connecticut, state banking regulators suspended Bitcoin Depot's money transmission license and issued a cease-and-desist order earlier this month, citing violations such as excessive fees and incomplete refunds to scam victims.
Massachusetts' attorney general sued Bitcoin Depot in early February for allegedly overcharging consumers, facilitating scams, and denying refunds. The company also settled with Maine's Consumer Credit Protection Bureau in January, paying $1.9 million to compensate for fraudulent transactions.
Further actions include an investigation by Missouri's attorney general into deceptive fees and scam involvement, and a lawsuit from Iowa against Bitcoin Depot and CoinFlip for failures that allowed scammers to transfer millions through their kiosks.
In its recent financial results, Bitcoin Depot lowered its 2026 revenue outlook by 30% to 40%, attributing the adjustment to the dynamic regulatory environment. Shares in Bitcoin Depot closed down 6.6% on Wednesday at $2.62, with a slight after-hours increase to $2.74.
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