SANDY SPRINGS, Ga. — Sandy Springs-based Bitcoin Depot announced a voluntary bankruptcy on May 18 and announced layoffs for 109 staff at the corporate office.
The company said in a statement that it would begin “an orderly wind-down” of its operations and sell the company assets.
“Over time, the Company has continued to strengthen its protocols and procedures to combat fraud and protect the customers who use its BTMs, including enhanced identity verification, customer fraud warnings, and its more recent adoption of lower transaction limits for its customers,” Alex Holmes, CEO of Bitcoin Depot, said in a statement.
Despite those moves, Holmes said that the regulatory environment for bitcoin and Bitcoin Transaction Machine (BTM) operators had shifted, adding major restrictions, or in some cases bans.
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“States have imposed increasingly stringent compliance obligations, including new transaction limits, and in some jurisdictions, outright restrictions or bans on BTM operations; and operators have faced increasing litigation and regulatory enforcement,” Holmes added.
As a result, Bitcoin Depot’s position has become “unsustainable” with its current business model and would therefore shut down.
Holmes thanked the company’s staff for their work and dedication, saying that the company’s BTMs had been taken offline as part of the bankruptcy process.
In Sandy Springs, the company’s 109 employees at their Dunwoody Place office are losing their jobs.
The first separation date in the company’s WARN notice, a federally required filing, is July 17. No other dates are listed for separations.
Channel 2 Action News has reached out to Bitcoin Depot to learn more about what the bankruptcy and wind-down means for customers who still have assets and funds in company accounts.
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