The Nebraska Department of Banking and Finance issued a cease and desist order on November 13, 2025, against ATM OPS INC d/b/a Bitstop for operating more than 40 unlicensed money transmission locations across the state since August 2021. The order also cites multiple consumer fraud complaints and a failure to respond to the regulator's prior directive to apply for licensure.
Case Information
Key Findings
The Nebraska order details several findings against Bitstop:
Findings cited in the order:
- Unlicensed operation: Bitstop operated more than 40 money transmission locations in Nebraska without obtaining the required state license, beginning in August 2021
- Failure to respond: Nebraska sent a directive in July 2023 requiring Bitstop to apply for a money transmitter license. Bitstop did not respond or apply
- Consumer complaints: The department received multiple fraud complaints from consumers, including failure to deliver purchased Bitcoin and unauthorized charges
Timeline
Consumer Impact
The cease and desist order highlights consumer complaints filed with the Nebraska Department of Banking and Finance. Reported issues include:
- Failure to deliver Bitcoin: Consumers reported depositing cash at Bitstop kiosks but not receiving the purchased cryptocurrency
- Unauthorized charges: Reports of charges consumers did not authorize or recognize
Nebraska requires money transmitters to obtain state licenses specifically to protect consumers through regulatory oversight, bonding requirements, and complaint resolution mechanisms. Operating without a license means consumers lack these protections.
What This Means for Nebraska Users
If you have used a Bitstop ATM in Nebraska:
- Keep records of all transactions, including receipts and any confirmation emails
- If you experienced issues with a transaction (missing Bitcoin, unauthorized charges), file a complaint with the Nebraska Department of Banking and Finance
- Monitor your accounts for any unauthorized activity
- Consider using licensed operators for future transactions
Broader Context
This cease and desist order adds to Bitstop's existing regulatory and legal challenges. ATM Ops Inc. d/b/a Bitstop is also involved in litigation related to the Heller Capital Group / PowerCoin enterprise, where court filings identify corporate overlap between Bitstop and entities alleged to have operated a fraudulent scheme involving Bitcoin ATM units.
For a detailed analysis of the Heller/PowerCoin litigation and its connection to Bitstop, see our full litigation analysis.
Bitstop has three adverse actions recorded on the NMLS Consumer Access portal (Connecticut, Ohio, and Nebraska). Consumers can verify operator licensing status at nmlsconsumeraccess.org.
Next Steps
The cease and desist order gives Bitstop 15 days from the date of service to request a hearing before the Director of the Nebraska Department of Banking and Finance. If no hearing is requested, the order becomes final and enforceable. We will update this article as the situation develops.