Bitcoin Depot has appointed the former CEO of payments giant MoneyGram as its new leader, as regulatory pressure from US states intensifies over the use of crypto ATMs in scams and money laundering.
The company said Tuesday that Scott Buchanan stepped down as CEO effective immediately, after less than three months in the role since Jan. 1. In a regulatory filing, Bitcoin Depot noted that his resignation “was not due to a disagreement.”
Alex Holmes, a current board member, has been named CEO and chair. He previously spent 16 years at MoneyGram in senior roles, including chief financial officer and CEO, with a strong focus on regulatory compliance.
“As I step into the role, my priorities are operational stability, regulatory progress, and accelerating the company’s evolution into a more diversified fintech platform,” Holmes said in a statement.
The leadership shake-up comes as Bitcoin Depot faces mounting legal and regulatory challenges across several US states, with crypto ATM operators under increasing scrutiny over their alleged role in scams and money laundering.
The company also said its founder and former CEO, Brandon Mintz, will transition from executive chair to a non-executive board role and serve as an adviser to Holmes.
Multiple states ramp up action against Bitcoin Depot
Bitcoin Depot most recently came under fire in Connecticut, where the state’s banking regulator suspended its money transmission license and issued a temporary cease-and-desist order earlier this month.
The order cited multiple alleged violations of state laws, including excessive fees and incomplete refunds to scam victims.
Since early 2025, the company has faced enforcement actions in at least four other states. In Massachusetts, the attorney general filed a lawsuit in early February accusing Bitcoin Depot of overcharging customers, facilitating scams, and failing to provide refunds.
In January, the firm paid $1.9 million to Maine’s Consumer Credit Protection Bureau to compensate victims of fraudulent transactions. Meanwhile, Missouri’s attorney general launched an investigation in December into Bitcoin Depot and four other crypto ATM operators over concerns about deceptive fees and misuse by bad actors.
Iowa also filed a lawsuit against Bitcoin Depot and CoinFlip in February 2025, alleging failures that allowed scammers to move millions of dollars through their kiosks.
Amid the growing regulatory pressure, Bitcoin Depot lowered its 2026 outlook in its recent 2025 results, projecting a 30% to 40% drop in revenue due to what it described as a “dynamic regulatory environment.”
Shares of Bitcoin Depot (BTM) closed Wednesday down 6.6% at $2.62, before rising 4.7% after hours to $2.74. The stock has fallen 71% year-to-date and is down more than 94% from its mid-June peak of $45.36.
