Bitcoin ATM operator Bitcoin Depot has had its license suspended in Connecticut

PANews reported on March 18 that Bitcoin Depot, the world's largest Bitcoin ATM operator, has had its money transmission license urgently suspended by regulators in Connecticut. The regulators found multiple violations in Bitcoin Depot's operations in the state: charging some users fees exceeding the state's 15% cap, involving over 1,000 transactions, resulting in more than 500 consumers overpaying approximately $150,000; failing to fully refund scam victims for amounts sent through its self-service terminals; and not meeting certain disclosure and compliance requirements. The order requires the company to immediately cease operations in the state and shut down its self-service terminals. Bitcoin Depot stated in another document that it expects to report "significant deficiencies" in its internal controls that have not been remedied in its annual report. The company's stock price was about $4 on Tuesday, down approximately 39% over the past month and about 55% year-to-date