Regulatory Alerts2026-03-13
Added · Updated
Order of Summary Suspension and Notice of Intent to Revoke License for Bitcoin Depot Operating LLC
The Connecticut Banking Commissioner summarily suspends Bitcoin Depot Operating LLC’s money transmission license and issues temporary cease-and-desist, restitution, and disgorgement orders due to violations of the Money Transmission Act. The Commissioner finds that the Respondent failed to maintain the required $1,000,000 minimum tangible net worth, charged fees exceeding the 15% statutory limit on virtual currency kiosks, and failed to provide full refunds for fraudulent transactions. Additionally, the Respondent is cited for lacking adequate anti-money laundering and know-your-customer controls, failing to collect consumer addresses, and issuing receipts that omitted required disclosures.