Bitcoin Depot (BTM), a U.S.-based Bitcoin ATM operator, on Monday said it has filed for Chapter 11 bankruptcy protection to facilitate an orderly wind-down of operations and the sale of its assets.
"The regulatory environment for BTM operators has shifted significantly: states have imposed increasingly stringent compliance obligations, including new transaction limits, and in some jurisdictions, outright restrictions or bans on BTM operations; and operators have faced increasing litigation and regulatory enforcement. These developments have materially affected Bitcoin Depots business and financial position. Under these circumstances, the company's current business model is unsustainable," , said Alex Holmes, CEO of Bitcoin Depot.
Bitcoin Depot said its network of Bitcoin ATMs has been taken offline. The company's Canadian entities are also included in the U.S. court-supervised process, while its other non-U.S. entities will wind down under applicable foreign laws.
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