Bitcoin Depot has replaced its chief executive as regulatory pressure intensifies on its crypto ATM business, with former MoneyGram CEO Alex Holmes taking over the role.
Scott Buchanan resigned as CEO and director, with the company stating the departure was not due to any disagreement over operations, while founder Brandon Mintz also stepped down as executive chairman.
Holmes said his focus would be on “operational stability, regulatory progress,” and evolving the company into a more diversified fintech platform.
The leadership change comes as Bitcoin Depot faces increasing scrutiny, including a shutdown of its ATMs in Connecticut over allegations of overcharging and failing to refund fraud victims.
Other operators have also faced enforcement actions, including fines and criminal charges, signalling a broader crackdown on crypto ATM businesses across the US.
Bitcoin Depot warned its core revenue could decline by 30% to 40% this year due to a tightening regulatory environment and rising compliance standards.
Shares fell more than 14% to $2.80 following the news, as investors reacted to mounting operational and regulatory challenges facing the company.
At the time of reporting, Bitcoin price was $71,093.53.