Bitstop

Trust Rating

Grade: F (0/100 points). Pioneer status overshadowed by serious allegations

Bitstop holds a unique place in Bitcoin ATM history — operating since 2013 and acquiring Genesis Coin (the dominant ATM software platform) in 2023. That heritage is significant. However, three states have now caught Bitstop transmitting money without a license: Connecticut (June 2024 consent order, $10,000 penalty), Nebraska (November 2025 cease and desist over 40+ locations and two years of ignored directives), and Ohio (July 2026 consent order, $10,500 penalty, after 61 kiosks ran from December 2025 to March 2026 with no Ohio license). At least 23 of those 61 Ohio sites were former PowerCoin/Coin Cloud locations, tying the licensing lapse directly to the disputed machine takeover. Washington's June 2026 franchise charges add another layer: the state alleges Bitstop sold 116 machines and a 'turnkey' operator program to a Pennsylvania LLC in 2020 with no franchise registration or disclosure document, and our terminal data points to that buyer being PowerCoin, meaning the machines at the center of the Chicago Atlantic fight were first sold by Bitstop itself. More concerning: court filings in related litigation identify corporate overlap between Bitstop (ATM Ops Inc.) and Heller Capital Group, which investors allege operated a fraudulent scheme involving ATM units. These allegations are not yet adjudicated, but the combination of two state actions for unlicensed operation, Ponzi allegations, and consumer fraud complaints drives the rating to the lowest tier.

Fees

Fee data not yet available.

Key Facts

• Founded: 2013
• Locations: 3,215 across 39 states
• Transaction types: Buy only
• Phone: 1-855-524-8786
• Email: support@bitstop.co

Enforcement & Regulatory History

Consent Order with ATM OPS INC d/b/a BITSTOP (NMLS #1833409) for engaging in money transmission in Connecticut without the required license from at least May 2023 through September 30, 2023, in violation of Conn. Gen. Stat. § 36a-597(a). Bitstop paid a $10,000 civil penalty and agreed to refrain from operating in Connecticut unless and until it obtains the required money transmission license. (resolved); Nebraska issued cease and desist order against ATM OPS INC d/b/a Bitstop for: (1) operating 40+ unlicensed money transmission locations in Nebraska since August 2021, (2) failing to respond to Nebraska's July 2023 directive to apply for licensure, (3) multiple consumer fraud complaints including failure to deliver purchased Bitcoin and unauthorized charges. Bitstop has 15 days to request hearing or order becomes final. (pending); Washington DFI's Securities Division issued a Statement of Charges and Notice of Intent to Enter Order to Cease and Desist against ATM OPS Inc. (d/b/a Bitstop) and its affiliate Kiosk Distributors, Inc. (d/b/a Bitstop Global) under the Franchise Investment Protection Act (RCW 19.100). DFI alleges the companies offered Bitstop franchises at bitstop.co/franchise from roughly 2019 to 2024 as a 'turnkey' business with ATMs from $25,000 and claimed annual revenue up to $1.2 million and profits up to $600,000; that in April and August 2020 they signed a Licensed ATM Operator Master Agreement and an Asset Purchase Agreement for 116 cryptocurrency ATMs with an unnamed Pennsylvania-based LLC (2% licensing fee on all transactions, $20,000 training fee) without providing a Franchise Disclosure Document; and that the franchisee placed a Bitstop-branded ATM in a Kitsap County mall from late March to September 29, 2024, which Bitstop listed on its own locations page. Neither entity has ever been registered to sell franchises in Washington. Tentative findings only; the respondents may request a hearing. Bitcoin ATM News' analysis of PowerCoin LLC terminal records indicates the unnamed franchisee is Daryl Heller's PowerCoin. (pending); Ohio Department of Commerce, Division of Financial Institutions, Case No. MT2026-001. On March 23, 2026 the Division served ATM OPS INC d/b/a Bitstop a Notice of Intent to Issue a Cease and Desist Order and Assess Civil Penalty. The Division found that Bitstop, which has never held an Ohio money transmitter license, conducted money transmission through 61 Bitstop kiosks at Ohio retail establishments from December 2025 until March 2026 in violation of R.C. 1315.02(A). Bitstop requested a hearing, then voluntarily disabled all 61 Ohio machines and entered a Stipulation and Consent on July 6, 2026: it agreed to a cease and desist order, a $10,500 civil penalty payable within 14 days, not to transmit money in Ohio without a license, to certify to the Division on the first of each month that its Ohio machines are not operational, and not to deploy additional Ohio machines. The consent agreement is a final, non-appealable order and a disciplinary action Bitstop must disclose on future license applications. (resolved); Enforcement action dismissed (resolved); Secured party action seeking kiosk records, locations, and collateral related to PowerCoin-linked machines. Part of broader Heller Capital Group enterprise unwind. (pending); Court filings in related matters identify Heller Capital Group affiliates as including both PowerCoin and Bitstop. Heller profile documents list Bitstop as a 'primary holding.' Investor plaintiffs in related cases allege Daryl Heller instituted a fraudulent scheme involving ATM units. Whether the enterprise operated as a Ponzi scheme is a question for the court and not yet adjudicated. (pending); Multiple consumer fraud complaints - failure to deliver purchased Bitcoin and unauthorized charges.