Bitcoin Depot taps ex MoneyGram chief as CEO during probe

Bitcoin Depot has named former MoneyGram chief executive Alex Holmes as its new chief executive as the crypto ATM operator faces growing pressure from US regulators.

Summary

• Bitcoin Depot appoints Alex Holmes as CEO after Scott Buchanan exits within three months.
• Multiple US states accuse Bitcoin Depot of excessive fees scam exposure and weak compliance controls.
• Company cuts revenue outlook as regulatory pressure and enforcement actions weigh on crypto ATM operations.

The leadership change comes as several states step up action against crypto kiosk companies over scam losses, fees, and compliance controls.

Bitcoin Depot said on Tuesday that Scott Buchanan stepped down as chief executive effective immediately after less than three months in the role. In a regulatory filing, the company said his resignation ”was not due [to] a disagreement.”

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The company appointed Alex Holmes, who already served on the board, as chief executive and chair. Holmes spent 16 years at MoneyGram in senior roles, including chief financial officer and chief executive, where compliance and regulated payments were central parts of the business. He said,

”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.”

State actions add pressure

The management change arrived as Bitcoin Depot faces action in several states. In Connecticut, the state banking regulator suspended the company’s money transmission license and issued a temporary cease-and-desist order on March 9, citing alleged violations that included excessive fees, weak compliance, and incomplete refunds to scam victims.

Massachusetts also sued Bitcoin Depot in February. State officials alleged the company overcharged consumers, failed to take proper steps against scam activity, and refused some refunds. Maine and Missouri also took action earlier this year, while Iowa sued Bitcoin Depot and CoinFlip in 2025 over claims that scammers moved millions of dollars through their kiosks.

Bitcoin Depot also said founder Brandon Mintz moved from executive chair to a non-executive board role and will serve as an adviser to Holmes. The company is now trying to steady operations while its compliance position remains under review in several markets.

Earlier this month, Bitcoin Depot cut its 2026 outlook and said revenue could fall 30% to 40% because of what it called a ”dynamic regulatory environment.” Shares closed Wednesday at $2.62, down 6.6% for the day, though the stock rose after hours. The company’s shares are down sharply from their June 2024 peak.

Crypto ATM scrutiny keeps rising

Regulators across the US have increased attention on crypto ATMs as fraud cases grow. Industry reports and state enforcement actions have tied the machines to scam complaints, especially cases involving older consumers and high fees.

That backdrop makes Holmes’ compliance record a central part of Bitcoin Depot’s next phase. The company now faces pressure to improve controls while protecting its position in the crypto ATM market.

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