In the midst of rising regulatory scrutiny, crypto ATM operator Bitcoin Depot has tapped former MoneyGram executive Alex Holmes to lead the company as CEO and chair.
The change comes as Bitcoin Depot confronts multiple state actions over alleged excessive fees, weak compliance controls and refunds to scam victims. Scott Buchanan, who had been CEO for less than three months, stepped down effective immediately; a regulatory filing said his resignation “was not due [to] a disagreement.” Holmes, who already sat on Bitcoin Depot’s board, brings 16 years of payments and compliance experience from MoneyGram, where he held senior roles including CFO and CEO. “As I step into the role, my priorities are operational stability, regulatory progress, and accelerating the Company’s evolution into a more diversified fintech platform,” Holmes said.
Regulators have tightened the screws on Bitcoin Depot recently. Connecticut’s banking regulator suspended the company’s money transmission license and issued a temporary cease-and-desist on March 9, accusing the firm of excessive fees, weak compliance and incomplete refunds to scam victims. Massachusetts sued Bitcoin Depot in February, alleging overcharging, inadequate anti-scam measures and refusal of some refunds. Earlier actions came from Maine and Missouri, and Iowa filed a 2025 suit against Bitcoin Depot and rival CoinFlip alleging scammers routed millions through their kiosks.
Founding executive Brandon Mintz shifted from executive chair to a non-executive board role and will serve as an adviser to Holmes as the company attempts to steady operations while compliance reviews play out across jurisdictions.
The regulatory pressure has already hit the company’s outlook. Bitcoin Depot cut its 2026 guidance this month, warning revenue could fall 30%–40% because of a “dynamic regulatory environment.” Shares closed Wednesday at $2.62, down 6.6% for the day (with an after-hours uptick), and remain well below their June 2024 peak.
Holmes’ background in regulated payments and compliance will be closely watched by investors and state regulators alike as Bitcoin Depot looks to shore up controls and defend its position in the growing — and increasingly scrutinized — crypto ATM market, where enforcement actions and fraud complaints, particularly involving older consumers and high fees, have become a focal point for authorities.
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