Gate News Report, March 18 — The world’s largest Bitcoin ATM operator, Bitcoin Depot, was temporarily suspended from its money transmission license by regulators in Connecticut. The investigation found multiple violations in its operations within the state: charging some users fees exceeding the 15% limit set by the state, involving over 1,000 transactions, resulting in more than 500 consumers overpaying by approximately $150,000; failing to fully refund funds sent by scam victims through its self-service kiosks; 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. In another document, Bitcoin Depot stated that it expects to report unresolved “material weaknesses” in its internal controls in its annual report. The company’s stock closed Tuesday at around $4, down approximately 39% over the past month and roughly 55% since the beginning of the year.
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