Bitcoin Depot has appointed former MoneyGram CEO Alex Holmes as its new chief executive and board chair, replacing Scott Buchanan after less than three months. The leadership change occurs as the crypto ATM operator faces mounting regulatory pressure and legal actions from multiple U.S. states. These actions allege the company’s kiosks have been used in scams and money laundering, leading to significant financial settlements and a lowered revenue outlook for the company.
The company said on Tuesday that Scott Buchanan had immediately stepped down as CEO. It added in a regulatory filing that his resignation was not due to a disagreement.
Bitcoin Depot appointed board member Alex Holmes, who spent 16 years at MoneyGram in roles including CEO and finance chief. Holmes stated, “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.”
Connecticut’s banking regulator recently suspended the company’s state money transmission license and issued a temporary cease-and-desist order. The order alleged multiple violations, including excessive fees and incomplete refunds to scam victims.
Massachusetts’ attorney general sued Bitcoin Depot in early February for allegedly overcharging consumers and facilitating scams. The company paid $1.9 million to Maine in January to compensate consumers for fraudulent transactions.
Missouri’s attorney general opened an investigation into Bitcoin Depot and other operators in December over deceptive fees. Iowa also sued the company and CoinFlip in February 2025.
Bitcoin Depot lowered its 2026 outlook, estimating revenues would drop 30% to 40% due to a dynamic regulatory environment. Shares in Bitcoin Depot have fallen more than 94% from their all-time high in mid-June.
