Bitcoin Depot

Trust Rating

Grade: F (0/100 points). Severe legal exposure across multiple states

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. A June 2024 data breach exposed 26,732 customers' personal data, with notification delayed approximately 380 days; no identity theft protection was offered. 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 and data security failures.

Fees

Fee data not yet available.

Key Facts

• Founded: Unknown
• Locations: 8,665 across 48 states
• Transaction types: Buy only
• Phone: 1-678-435-9604
• Email: support@bitcoindepot.com

Enforcement & Regulatory History

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+. (pending); 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. (pending); AG Catherine Hanaway issued CID to Bitcoin Depot as part of statewide investigation into Bitcoin ATM operators. Investigation focuses on fee disclosure practices and anti-fraud policies. (pending); Consent agreement regarding money transmission activities (resolved); Denial order related to licensing application (resolved); Administrative fine of approximately $10,337 for operating without a money transmission license. Bitcoin Depot subsequently obtained Minnesota license. (resolved); 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. (enforcement pending); BitAccess co-founder Moe Adham suing company in Ontario over alleged non-payment after Bitcoin Depot management took control. Cash Cloud pleadings characterize Adham as having carried out network shutdown on Bitcoin Depot's behalf. (pending); 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.; 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.; Data breach affecting 26,732 customers discovered June 23, 2024 but not disclosed until July 8, 2025 (~380 days later). Exposed names, phone numbers, driver's licenses, addresses, DOB, email. No identity theft protection offered — Bitcoin Depot cited federal law enforcement request for delayed notification. Crypto-related transactions exempt from standard breach remediation requirements..