Bitcoin Depot has appointed Alex Holmes as CEO and Chairman, replacing Scott Buchanan, who resigned after less than three months in office. The company stated that the departure was not due to internal disagreements. Holmes, a former leader of MoneyGram, will focus on stabilizing operations, strengthening compliance, and transforming the business into a more diversified fintech model.
This leadership change comes amid increasing legal pressures in several U.S. states related to allegations that crypto ATMs are being exploited for scams and money laundering. Most recently, Connecticut suspended the company’s money transfer license, while Massachusetts, Maine, Missouri, and Iowa have taken similar legal actions.
The company forecasts that revenue in 2026 could decline by 30–40% due to the volatile legal environment. BTM shares have fallen sharply by 71% since the beginning of the year.
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