Bitcoin Depot has tapped Alex Holmes, former chief executive of MoneyGram, as its new CEO after Scott Buchanan stepped down less than three months into the role. The crypto ATM operator is under mounting pressure from state regulators across the United States.
In a regulatory filing, the company said Buchanan's resignation was not due to a disagreement. He had taken the helm in May, making him the second CEO to depart in a short period.
Connecticut suspends license, Massachusetts files lawsuit
On March 9, the Connecticut banking regulator suspended Bitcoin Depot's money transmission license and issued a temporary cease-and-desist order, citing excessive fees, weak anti-fraud controls, and incomplete reimbursements to scam victims. Massachusetts sued the company in February, alleging overcharging consumers and failing to curb scam activity, while refusing some refunds. Maine and Missouri also took action earlier this year. Iowa sued both Bitcoin Depot and CoinFlip in 2025, claiming scammers moved millions through their kiosks.
Founder shifts role as revenue outlook slashed
Founder Brandon Mintz moved from executive chair to a non-executive board role and will serve as an adviser to Holmes. Earlier this month, Bitcoin Depot cut its 2026 revenue forecast by 30% to 40%, blaming a “dynamic regulatory environment.” Shares closed Wednesday at $2.62, down 6.6% on the day, though they edged higher in after-hours trading. The stock has fallen sharply from its June 2024 peak.
Compliance pedigree becomes key asset
Holmes spent 16 years at MoneyGram in senior roles including CFO and CEO, where compliance and regulated payments were central. He said his priorities are “operational stability, regulatory progress, and accelerating the Company’s evolution into a more diversified fintech platform.”
Regulatory scrutiny of crypto ATMs continues to intensify across the US. Industry reports and state enforcement actions link the machines to rising fraud complaints, particularly involving elderly users and high fees. Holmes’ compliance background will be central as Bitcoin Depot navigates ongoing reviews in several markets.