Bitcoin Depot has named former MoneyGram executive Alex Holmes as its new CEO and chair as the crypto ATM operator faces growing regulatory pressure in the United States. Holmes, already a board member, served in multiple leadership roles at MoneyGram over 16 years, including finance chief and CEO, and emphasized regulatory compliance as a focus. “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,” he said.
The appointment follows the immediate resignation of Scott Buchanan, who had been CEO for less than three months after starting Jan. 1. In a regulatory filing, Bitcoin Depot said Buchanan’s resignation “was not due [to] a disagreement.” Founder and former CEO Brandon Mintz will move from executive chair to a non-executive board member and will advise Holmes.
The leadership change comes amid a wave of state actions targeting Bitcoin Depot and other crypto ATM operators over allegations their kiosks facilitate scams, deceptive fees, and money laundering. Connecticut’s banking regulator recently suspended Bitcoin Depot’s state money transmission license and issued a temporary cease-and-desist order, alleging violations including excessive fees and incomplete refunds to scam victims. Massachusetts’ attorney general sued the company in February, accusing it of overcharging consumers, knowingly facilitating scams, and refusing refunds. Iowa sued Bitcoin Depot and CoinFlip over alleged failures that allowed scammers to move millions through their kiosks.
Other enforcement and remedial actions include a $1.9 million payment by Bitcoin Depot to Maine’s Consumer Credit Protection Bureau to compensate victims of fraudulent transactions and a Missouri attorney general investigation launched into Bitcoin Depot and other operators over deceptive fees and misuse by bad actors.
Bitcoin Depot said its 2026 revenue outlook was lowered in its recent 2025 results, forecasting a 30%–40% revenue decline because of a “dynamic regulatory environment.” The company’s shares (BTM) fell 6.6% to $2.62 in Wednesday trading and rose 4.7% after hours to $2.74. The stock is down about 71% year-to-date and more than 94% from its closing all-time high of $45.36 in mid-June.