Bitstop
Bitcoin ATM Pioneer Since 2013
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, the Nebraska cease and desist for operating 40+ unlicensed locations and ignoring regulatory directives for over two years raises basic compliance questions. 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 a cease and desist, Ponzi allegations, and consumer fraud complaints drives the rating to the lowest tier.
About Bitstop
Bitstop (ATM Ops Inc.) is one of the oldest Bitcoin ATM operators in the United States, operating since 2013. In January 2023, Bitstop founders acquired Genesis Coin, the world's largest Bitcoin ATM software platform powering 35% of global transactions.
Bitstop supports multiple cryptocurrencies including BTC, ETH, USDC, USDT, DOGE, SOL, LTC, and XRP. Note: Bitstop is named in litigation related to the Heller/PowerCoin enterprise - see regulatory section below.
Visit bitstop.co for more information.
Industry Pioneer
Operating since 2013
Multi-Crypto
8 cryptocurrencies
Genesis Coin
Leading ATM software
Nationwide
42 states covered
High regulatory risk - review details before transacting
Multiple consumer fraud complaints - failure to deliver purchased Bitcoin and unauthorized charges
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.
Consent order regarding money transmission activities
Enforcement action dismissed
Secured party action seeking kiosk records, locations, and collateral related to PowerCoin-linked machines. Part of broader Heller Capital Group enterprise unwind.
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.