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.

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NOTICE OF RIGHT TO HEARING

IN THE MATTER OF:
BITCOIN DEPOT OPERATING LLC d/b/a BITCOIN DEPOT f/k/a LUX VENDING LLC NMLS # 1886902 (“Respondent”) ORDER OF SUMMARY SUSPENSION TEMPORARY ORDER TO CEASE AND DESIST ORDER TO MAKE RESTITUTION ORDER TO PROVIDE DISGORGEMENT NOTICE OF INTENT TO REVOKE AND REFUSE TO RENEW MONEY TRANSMISSION LICENSE NOTICE OF INTENT TO ISSUE ORDER TO CEASE AND DESIST NOTICE OF INTENT TO IMPOSE CIVIL PENALTY AND
I. LEGAL AUTHORITY AND JURISDICTION

The Banking Commissioner (“Commissioner”) is charged with the administration of Part V of
Chapter 668, Sections 36a-595 to 36a-614, inclusive, of the Connecticut General Statutes, known as the
“Money Transmission Act”, as amended.
Pursuant to the authority granted by Sections 36a-17 and 36a-608(a) of the Connecticut General
Statutes, the Commissioner, through the Consumer Credit Division (“Division”) of the Department of Banking (“Department”), has investigated the activities of Respondent to determine if it has violated, is violating or is about to violate the provisions of the Connecticut General Statutes (“Investigation”).
As a result of the Investigation, the Commissioner has reason to believe that Respondent has
violated Sections 36a-600(d), Section 36a-601(a)(1), 36a-604(c), 36a-606a, 36a-607(c)(5) and 36a-608(a) of the Connecticut General Statutes, subdivisions (1) and (2) of Section 600(a) of the Connecticut General

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Source: Connecticut Department of Banking — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works