Connecticut suspends Bitcoin Depot as 2026 revenue outlook worsens
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Connecticut halts Bitcoin Depot’s operations, with the company expecting lower revenue in 2026 amid mounting regulatory pressure and a steep decline in its stock price.
Bitcoin Depot, a publicly traded cryptocurrency ATM provider, is facing mounting regulatory pressure in the US amid a steep stock decline and a weak revenue outlook.
The Connecticut Banking Commissioner, through the Consumer Credit Division, issued a temporary cease-and-desist order against Bitcoin Depot on March 9, summarily suspending its money transmission license in the state.
The order cites multiple alleged violations of the Connecticut Money Transmission Act, including failure to maintain minimum net worth, excessive fees and incomplete refunds to consumers who fell victim to scams.
The company lowered its 2026 revenue outlook in its fourth-quarter 2025 and full-year financial results released on Monday. It reported a 56% year-to-date stock decline and staff layoffs. Bitcoin Depot is one of the largest kiosk operators in the US. Its earnings release says it had more than 8,400 kiosk locations as of year-end 2025.
The company reported full-year 2025 revenue of $615 million, up 7% from 2024, though net income fell to $5.1 million from $7.8 million.
Q4 revenue dropped to $116 million from $136.8 million a year earlier, driven by newly enacted state regulations and enhanced compliance measures, the company said.
Bitcoin Depot also warned of a weaker revenue outlook for 2026, citing ongoing regulatory changes and compliance requirements that could reduce transaction volumes:
In a separate March 11 filing, Bitcoin Depot disclosed that chief operating officer Elizabeth Simer had resigned. The company did not give a reason.
Connecticut’s cease‑and‑desist order comes as Bitcoin Depot already faces enforcement actions in other states, including a Massachusetts Attorney General lawsuit in February, which alleged facilitation of crypto scams.
Bitcoin Depot was also sued in Iowa in February 2025, when Attorney General Brenna Bird accused the company and CoinFlip of failing to protect consumers from crypto ATM scams.
Related: Minnesota to weigh ban on crypto kiosks after scam reports
In January, Bitcoin Depot entered a $1.9 million consent agreement with the Bureau of Consumer Credit Protection in Maine to compensate consumers scammed via its Bitcoin kiosks and comply with state licensing rules.
Bitcoin Depot’s shares (BTM) have declined since mid-2025, losing 91% of their value since hitting $45.4 in June. The stock has tumbled 56% year-to-date, closing at $4.06 on Tuesday, according to TradingView.
Cointelegraph contacted Bitcoin Depot for comment regarding the regulatory actions, but had not received a response by publication.
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Source: CoinTelegraph
