Bitcoin Depot
America's Largest Bitcoin ATM Network
Bitcoin Depot is the largest Bitcoin ATM operator by location count, but size has not translated into consumer trust. The Massachusetts AG lawsuit alleging that 83% of high-value customers were scam victims — and that Bitcoin Depot knowingly profited from $10.6 million in scam-related transactions — represents the most serious enforcement action in Bitcoin ATM industry history. Combined with the Iowa AG lawsuit (98% scam rate finding), a $18.47M Canadian arbitration loss, and investigations in Missouri and Minnesota, the legal exposure is stacking up fast. The F rating reflects the volume and severity of pending government actions.
About Bitcoin Depot
Bitcoin Depot is the largest Bitcoin ATM operator in North America with over 9,000 locations across 48 states. Founded in 2016, the company went public on NASDAQ in 2023.
Bitcoin Depot ATMs are available at major retail chains including Circle K, allowing customers to buy Bitcoin with cash quickly and conveniently.
Visit bitcoindepot.com for more information.
Largest Network
9,000+ locations
Retail Partners
Circle K & more
Fast Setup
Easy registration
Secure
Industry compliance
High regulatory risk - review details before transacting
Investigation found 83% of Large Customers ($10K+) in Massachusetts were scam victims (458 of 552). $10.6 million in scam-related revenue (~60% of total MA revenue). Median victim age 67, over 70% aged 60+, 40+ victims over 80.
AG Andrea Campbell filed lawsuit in Suffolk Superior Court alleging 83% of large customers ($10K+) were scam victims, $10.6M in scam-related revenue (~60% of MA business). Five counts: (1) drip pricing deception - displaying lower Bitcoin prices then adding hidden fees; (2) exceeding 23% fee cap in 7,000+ transactions; (3) fraud facilitation; (4) deceptive refund policy - kept up to 30% fees from scam victims; (5) securities fraud against Bitcoin Depot Inc. for hiding 90% scam rate from investors. Median victim age 67, over 70% aged 60+.
AG Catherine Hanaway issued CID to Bitcoin Depot as part of statewide investigation into cryptocurrency kiosk operators. Investigation focuses on fee disclosure practices and anti-fraud policies.
Canadian arbitration tribunal awarded $18.47M CAD against BitAccess for breach of network services contract. Cash Cloud alleges BitAccess remotely shut down 2,000+ ATMs on New Year's Day 2022. Award issued 3 days after Bitcoin Depot CEO transition announcement.
Investigation found 98.16% of Iowa transactions through Bitcoin Depot ATMs since Oct 2023 were scam-related. $7.2 million in consumer losses documented over 3 years.
AG Brenna Bird filed lawsuit in Polk County District Court alleging violations of Iowa Consumer Fraud Act. Allegations include: 23% hidden transaction fees, failure to prevent $7.2M in scam transactions, deceptive refund policies. 98.16% of transactions identified as scams. Majority of victims over age 60. Delaware court denied Bitcoin Depot's request to reactivate Iowa kiosks in March 2025.