Bitcoin Depot has appointed Alex Holmes, a former MoneyGram executive, as its new CEO as the company faces increasing regulatory scrutiny over its crypto ATMs. Holmes, who joined the board in 2023, will focus on operational stability and regulatory compliance. The leadership change comes after multiple U.S. states have taken legal action against Bitcoin Depot over allegations of fraudulent transactions and money laundering.
Earlier this year, Bitcoin Depot faced lawsuits in Massachusetts, Maine, Missouri, and Iowa over alleged misconduct involving its crypto kiosks. The company also lowered its 2026 revenue forecast due to the challenging regulatory environment.