Connecticut Bitcoin ATM Regulations
Connecticut enacted Public Act 24-146 (HB 5211) in 2024 with a 15% fee cap and money-transmitter licensing for Bitcoin ATM operators. The CT Department of Banking suspended Bitcoin Depot's license in March 2026 over fee-cap violations and documented scam losses.
Overview
Connecticut's operative Bitcoin ATM statute is Public Act 24-146 (HB 5211), which became effective on October 1, 2024. The law imposes a hard 15% cap on Bitcoin ATM fees, requires operators to hold a Connecticut money-transmitter license, and imposes consumer-protection disclosures.
Connecticut subsequently broadened its money transmission framework in 2025 to expressly cover digital wallets and related services.
Fee Caps
PA 24-146 caps total Bitcoin ATM fees at 15%, including spread and explicit transaction fees. Operators may not charge a customer more than this percentage on any virtual-currency-kiosk transaction.
Licensing Requirements
Bitcoin ATM operators must hold a money-transmitter license issued by the Connecticut Department of Banking before placing kiosks in service.
Enforcement
On March 9, 2026, the Connecticut Department of Banking issued a temporary cease-and-desist order and license suspension against Bitcoin Depot. The order cited:
- 1,015 transactions charging fees that exceeded the statutory 15% cap, totaling $150,426 in excess fees between October 2024 and July 2025.
- Seven documented scam victims with losses ranging from $2,000 to $28,800.
- Findings of false refund denials by Bitcoin Depot to consumer claimants.
A hearing on permanent license revocation is scheduled for May 13, 2026.
Legislative Reference
Primary statute: Connecticut Public Act 24-146 (HB 5211) — effective October 1, 2024.
Primary regulator: Connecticut Department of Banking.