Crypto ATM operator Bitcoin Depot has reached a $1.9 million settlement with the state of Maine to compensate residents who fell victim to third-party scams at its kiosks. The consent agreement, announced by the Maine Bureau of Consumer Credit Protection (BCCP), concludes a two-year investigation filed in 2023.
State regulators alleged that Bitcoin Depot kiosks across Maine became "instrumentalities of massive fraud", facilitating scams that often targeted vulnerable consumers, including the elderly. Prosecutors argued the company failed to implement adequate fraud-prevention safeguards despite being aware of the criminal activities. The state also alleged Bitcoin Depot misled consumers by not clearly disclosing high transaction fees and inflated exchange rates, which sometimes led to deductions as high as 23%.
Bitcoin Depot denied any wrongdoing, stating it employs on-screen warnings and fraud alerts. As part of the settlement, the company must pay the $1.9 million penalty into a fund managed by the Maine Attorney General to compensate victims defrauded between 2022 and 2025. The deadline for victims to file a claim is April 1, 2026, with refunds expected to be processed in May.
In a significant regulatory concession, the agreement also grants Bitcoin Depot a money transmitter license, allowing it to operate legally in Maine, though the state is not yet listed among active locations on the company's website. The operator must also comply with new consumer protection standards, including rules regarding "unhosted wallets" to make it harder for scammers to take control of victims' funds during transactions.
The settlement follows increased regulatory action in Maine. In June 2025, Governor Janet Mills signed emergency legislation, "An Act to Regulate Virtual Currency Kiosks," which established strict daily transaction limits and fee caps. Mills praised the BCCP, stating the agreement "will put money back into the pockets of Maine people who were defrauded by predatory third-party scammers."
The case highlights the ongoing global issue of crypto ATM scams. The FBI reported that scammers defrauded Americans of more than $333 million through schemes involving crypto ATMs between January and November 2025.
