Bitcoin Depot has appointed Alex Holmes, a former MoneyGram executive, as its new chief executive officer and chair as the crypto ATM operator grapples with mounting regulatory scrutiny in the U.S.
Holmes, who already served on Bitcoin Depot’s board, spent 16 years at MoneyGram in senior roles including finance chief and CEO. He said his immediate priorities are stabilizing operations, making regulatory progress, and speeding the company’s transition into a more diversified fintech platform.
The move follows the sudden resignation of Scott Buchanan, who stepped down after serving less than three months in the CEO role after starting on Jan. 1. In a regulatory filing, Bitcoin Depot said Buchanan’s exit “was not due [to] a disagreement.” Founder and former CEO Brandon Mintz will shift from executive chair to a non‑executive board seat and will continue advising Holmes.
The leadership change comes amid a wave of state enforcement actions and lawsuits alleging that Bitcoin Depot’s kiosks have been used in scams, charged deceptive fees, or aided illicit transfers. Connecticut’s banking regulator recently suspended the company’s state money transmission license and issued a temporary cease‑and‑desist order, citing allegations that include excessive fees and incomplete refunds to scam victims. In February, the Massachusetts attorney general sued Bitcoin Depot, accusing it of overcharging customers, knowingly facilitating scams, and refusing refunds. Iowa has filed suit against Bitcoin Depot and CoinFlip, alleging failures that allowed scammers to move millions of dollars through their kiosks.
Other recent enforcement and remedial steps 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 probe into deceptive fee practices and misuse by bad actors.
In its latest results for 2025, Bitcoin Depot lowered its 2026 revenue outlook, forecasting a 30%–40% decline and citing a “dynamic regulatory environment.” The company’s shares (BTM) fell 6.6% to $2.62 in Wednesday trading, then rose 4.7% after hours to $2.74. The stock is down roughly 71% year‑to‑date and more than 94% from its mid‑June all‑time close of $45.36.